Crypto Fund Exodus: Higher-Cost Issuers Lose $2.9 Billion As Spot Bitcoin ETFs Attract Massive Inflows
Summary
- Higher-cost crypto fund issuers in the US experienced $2.9 billion outflows since new spot Bitcoin ETFs launched. - Digital asset investment products had $11.8 billion trading volumes, showing growing dominance of exchange-traded products. - Altcoins like Ethereum and Solana faced outflows, while blockchain equities attracted $156 million inflows. - Grayscale transferred 69,994 BTC ($2.9 billion) to Coinbase, intensifying selling pressure despite Bitcoin ETF approval. - FTX estate sold 22 million GBTC shares, reducing holdings to zero, contributing to Bitcoin market selling pressure. - BTC trades at $40,500, down by over 2.7% in the past 24 hours and 4.3% in the past seven days.
