Global demand for cryptocurrency investment products eased last week, with funds seeing $21 million in outflows, according to a report from CoinShares.
In the prior week, crypto funds saw $1.25 billion in inflows after the launch of 10 spot Bitcoin exchange-traded funds in the US. Grayscale Investment’s spot Bitcoin exchange-traded fund (GBTC) drove the decline in the most recent week, with $2.2 billion in withdrawals.
The US Securities and Exchange Commission’s approval of spot Bitcoin ETFs on Jan. 10 launched nine new funds onto the market. GBTC was converted from a trust. Since the launch, newly issued Bitcoin ETFs have seen $4.1 billion in inflows. BlackRock Inc. and Fidelity Investments have led the charge, with their IBIT and FBTC funds capturing about two-thirds of all inflows since the nine new funds launched, data compiled by Bloomberg show.
ProShares Bitcoin Strategy ETF (BITO), the leading futures-based Bitcoin ETF, also saw $94 million in net outflows since the spot Bitcoin ETFs launched earlier this month, data compiled by Bloomberg show. Shares of BITO have declined to 19.57, the lowest level since early December.