Crypto Products See Net Outflows This Week
Crypto investment products have recorded a net outflow of approximately $424 million this week since Monday, according to CoinShares data. James Butterfill, CoinShares’ Head of Research, stated that the newly issued U.S. spot bitcoin ETFs have now seen $2 billion inflows.
Strategy ETF (BITO) and Grayscale’s GBTC fund have also seen net outflows since the week’s start. This shift is occurring as institutional investors shift their focus to other recently approved spot bitcoin ETFs.
Among the top five crypto flows by provider, based on the year-to-date amount, four consist of newly issued spot bitcoin ETFs.
Trading of the new ETFs began last Thursday, and in the first day of trading, spot bitcoin ETFs generated nearly $4.6 billion in buying and selling. The second and third days of trading did not replicate the performance of the first day for spot bitcoin ETFs, but Butterfill explained that this is a typical pattern and should not be interpreted as a decline in interest.
With inputs from Shikha Singh
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