- The head of research at CoinShares has published an interim report on crypto funds.
- The expert noted that this week there has been an outflow of capital in the segment. Most of the losses came from GBTC from Grayscale Investments.
Since January 15, 2024, the net outflow of capital from exchange-traded funds based on crypto assets has been $424 million, said James Butterfill, head of research at CoinShares.
Betterfill separately highlighted funds GBTC from Grayscale Investments and BITO from provider ProShares. For the first position, the outflow since the beginning of the week amounted to $601.2 million, for the second – $141 million.
Positive dynamics can be seen in spot Bitcoin ETFs from BlackRock, Ark Invest/21Shares and Fidelity Investments. Betterfill attributed this to a rebalancing of assets between funds in favor of products with lower fees.
Since the US Securities and Exchange Commission (SEC) approved the new ETFs on January 10, 2024, net capital outflows from GBTC have been $1.18 billion, according to a CoinShares report.
Let us remember that this was repeatedly mentioned by various experts in their forecasts. In particular, analysts at JPMorgan Chase bank believe that GBTC will lose up to $13 billion.
In the first three days since the start of trading on spot Bitcoin ETFs, the amount of transactions approached $10 billion. Most of them accounted for three positions – GBTC, IBIT and FBTC.