Crypto Funds Saw $500M in Outflows Last Week as GBTC Bleed Outweighed Rivals' Gains: CoinShares
Summary
Grayscale's bitcoin ETF (GBTC) experienced $2.2 billion of net outflows last week, surpassing the $1.8 billion in net inflows into newly-opened U.S. bitcoin ETFs, according to CoinShares. Including global vehicles, crypto-focused funds saw a net $500 million in exits. Since January 11, GBTC outflows have totaled over $5 billion, although daily redemptions have been decreasing. Grayscale transferred $289 million worth of bitcoin to Coinbase Prime for sales on Monday, nearly half of the average daily transfer size of $530 million from the previous week. However, inflows into the nine new U.S. spot bitcoin ETFs appear to be slowing, with these funds adding about 46,000 bitcoin last week compared to about 60,000 the previous week.
