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Global digital asset investment products saw net outflows of $500 million last week, the impact of which has been easing in recent days amid a broader sell-off in crypto assets.
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According to a report, cryptocurrency funds at asset management firms such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares saw net outflows of a total of $500 million last week. Outflows were led by Grayscale’s converted GBTC spot Bitcoin ETF.
Grayscale’s higher-fee converted spot Bitcoin investment fund (GBTC) continued to dominate outflows with a $2.2 billion exit. However, recent data suggests its impact is beginning to wane. According to a tweet by CoinShares Research Minister James Butterfill, daily outflows declined consecutively throughout the week.
GBTC’s hefty outflows become evident when compared to the inflows from the nine new spot Bitcoin ETFs, with BlackRock’s IBIT at $744.7 million and Fidelity’s FBTC at $643.2 million in excess. The nine new ETFs, which launched on January 11, recorded a total of about $5.8 billion in inflows, while GBTC caused $5 billion in outflows. This brought the total net inflow to $759.4 million.
Butterfill noted that they believe this decline in price, despite positive newsflow, was due to the bulk of capital in Bitcoin being accumulated before January 11. Since its peak of around $49,000 on the day of the launch of spot Bitcoin ETFs, Bitcoin has fallen by about 20% to around $38,000 levels. It is currently trading at around $42,140.