Summary
Crypto investment products have seen a net outflow of $424 million this week, according to CoinShares. This comes as institutional investors shift their focus to newly approved spot bitcoin ETFs, with the ProShares Bitcoin Strategy ETF and Grayscale’s GBTC fund experiencing outflows. Meanwhile, the newly issued US spot bitcoin ETFs have seen inflows of $2 billion. The US Securities and Exchange Commission approved 11 spot bitcoin ETFs last week, and trading of these products began with nearly $4.6 billion in buying and selling on the first day. Subsequent trading days had lower volume, but this is seen as a typical pattern. The three-day trading volume for spot bitcoin ETFs has already reached over $10 billion.
Key Points
1. Crypto investment products have experienced a net outflow of approximately $424 million this week, while newly issued U.S. spot bitcoin ETFs have seen $2 billion in inflows. This indicates a shifting focus of institutional investors towards the recently approved spot bitcoin ETFs.
2. Funds such as the ProShares Bitcoin Strategy ETF (BITO) and Grayscale’s GBTC fund have recorded net outflows since the start of the week, as investors switch to cheaper U.S. funds. GBTC saw $1.18 billion in outflows since the spot bitcoin ETF was launched, while BITO saw $141 million in outflows this week.
3. The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission, including BlackRock’s iShares Bitcoin Trust and ARK 21Shares Bitcoin ETF, has generated significant trading volume. The first day of trading for spot bitcoin ETFs reached nearly $4.6 billion in buying and selling, the largest volume on record. Subsequent trading days have seen lower volume, but this is a typical pattern and does not signify a decline in interest.