Over three days, the net outflow of capital from exchange-traded cryptocurrency funds amounted to more than $400 million.
CoinShares Head of Research James Butterfill published in X (formerly Twitter) an interim report on crypto funds.
GBTC suffers more than others
Net outflows from Bitcoin-focused exchange-traded funds (BTC) have reached $424 million since January 15, according to Butterfill.
Most of this amount came from the Grayscale Bitcoin Trust (GBTC). Since the beginning of the week, about $600 million has been withdrawn from the trust. The expert also noted the Bitcoin Strategy ETF (BITO) from ProShares. The outflow for this position over the same period of time amounted to $141 million.
Positive dynamics are observed among such issuing companies as BlackRock, ARK Invest and Fidelity. According to Butterfill, this can be explained by the lower commissions that firms offer.
In total, since January 10, when the US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs, net inflows into the new instrument have amounted to $2 billion.
Spot ETFs are not attracting fresh capital
Earlier, banking giant JPMorgan said that the new instrument is unlikely to attract a lot of fresh capital to the Bitcoin market. According to analysts, investors will simply transfer funds from existing crypto products.
According to their estimates, in this scenario, up to $36 billion could flow into spot BTC ETFs. Meanwhile, GBTC could lose up to $13 billion.
Source: Cryptocurrency
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