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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
About 700,000 BTC have flowed out of exchanges in the past year.
Korean retail investors shift to the US in Q3: Sold over 5.5 trillion won of Korean stocks, purchased more than 10 trillion won of US stocks
In the third quarter, Korean retail investors made net purchases of US stocks worth approximately 10.15 trillion won, marking a complete reversal from the previous pattern in the first half of the year, when they made net purchases of nearly 100 trillion won in KOSPI stocks. In September alone, the sell-off amount reached as high as 14.2 trillion won. Analysts attribute this shift to a combination of factors: a sharp decline in KOSPI at high levels, the continued strength of the US stock market driven by AI themes, and the appreciation of the Korean won reducing currency exchange costs.
Crypto prices
More
