CoinShares: Cryptocurrency products have seen net outflows of $424 million so far this week as investors shift to cheaper U.S. funds

According to James Butterfill, research director at CoinShares, as of the close of January 16, 2024, the net outflow of funds from cryptocurrency investment products this week has reached $424 million. This change reflects investors turning to more cost-effective US funds. Specifically, since the launch of spot-based ETFs, the Grayscale Bitcoin Trust (GBTC) has seen $1.18 billion in outflows, while this week the outflow for ProShares Bitcoin Strategy ETF (BITO) was $141 million. At the same time, the newly issued US spot Bitcoin ETF has attracted $2 billion in inflows.