Bitcoin ETF

Bitcoin

Million

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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. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 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
 </blockquote> 
 
 <h2 id="grayscale-s-converted-bitcoin-etf-loses-2-2-billion">Grayscale’s Converted Bitcoin ETF Loses $2.2 Billion</h2> 
 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. 
 <h2 id="span-style-font-weight-400-newly-launched-funds-helped-offset-grayscale-losses-span">Newly-Launched Funds Helped Offset Grayscale Losses</h2> 
 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. 
 <img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="Crypto, insurance-linked and trend hedge funds most popular - Preqin | Reuters" data-lazy-src="https://cdn.thebittimes.com/images/2024/01/30/aeeaee0579e20f985588119ac9bcd2ea.webp">
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 <img decoding="async" src="https://cdn.thebittimes.com/images/2024/01/30/aeeaee0579e20f985588119ac9bcd2ea.webp" alt="Crypto, insurance-linked and trend hedge funds most popular - Preqin | Reuters">
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 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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Crypto Fund Outflows Hit $500 Million Last Week, But Grayscale Bitcoin ETF Bleed Slows

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