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Crypto-focused investment funds saw outflows of $500 million last week as signs emerged that outflows from Grayscale’s spot Bitcoin ETF (exchange-traded fund) are easing, CoinShares said.
“The outflows in Grayscale aren’t pretty but it looks like they are beginning to subside,” said head of research James Butterfill in an X post on Jan. 28.
The outflows in Grayscale aren't pretty but it looks like they are beginning to subside. pic.twitter.com/IZXHZWbiKG
— James Butterfill (@jbutterfill) January 28, 2024
Grayscale’s Converted Bitcoin ETF Loses $2.2 Billion
Grayscale lost $2.2 billion in outflows last week but the daily total reduced as the week progressed, Butterfill said. Grayscale’s newly-converted Bitcoin fund (GBTC) has seen outflows that surpassed $5 billion since Jan. 11, he added.
Newly-Launched Funds Helped Offset Grayscale Losses
GBTC’s substantial outflows last week overshadowed the $1.8 billion in net inflows recorded by newly-opened spot Bitcoin ETFs in the U.S.
Still, the amount of funds flowing into these new spot bitcoin ETFs has also slowed. Data compiled by CoinDesk shows that the newly-launched funds added around 46,000 BTC last week, down from 60,000 BTC the funds purchased the week before.
Bitcoin funds accounted for the majority of last week’s activity, recording $479 million in outflows, with short-bitcoin funds seeing inflows of $10.6 million, CoinShares said.
Altcoins also saw outflows last week. Ethereum, Polkadot and Chainlink led the way with $39 million, $0.7 million and $0.6 million in outflows respectively.
Blockchain equities saw inflows totaling $17 million during the same period, added the report.
By geography, outflows were focused on the US, Switzerland and Germany, with outflows of $409m, $60m and $32 million, respectively.
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