CoinShares: Cryptocurrency investment products have seen a net outflow of $424 million this week as investors shift towards cheaper US funds

According to James Butterfill, Research Director at CoinShares, as of the close on January 16th, 2024, the net outflow of funds from cryptocurrency investment products this week has reached $424 million. This change reflects investors shifting towards more cost-effective US funds. Specifically, since the launch of spot-based ETFs, Grayscale Bitcoin Trust (GBTC) has experienced an outflow of $1.18 billion, while ProShares Bitcoin Strategy ETF (BITO) had an outflow of $141 million this week. At the same time, newly issued US spot Bitcoin ETFs have attracted a capital inflow of $200 million.