Crypto Funds Saw Outflows Last Week After Debut of Bitcoin ETFs

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.

Source: CoinShares

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, ...