Cryptocurrency funds outflowed $500 million last week as GBTC fallout fades

Last week the global net outflow of cryptocurrency funds from asset management companies such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares reached a total of 500 million US dollars. The strong outflow of funds from GBTC stands in stark contrast to the total inflow of 1.8 billion US dollars from nine new spot Bitcoin ETFs launched last week, including BlackRock's IBIT with an inflow of 744.7 million US dollars and Fidelity's FBTC with an inflow of 643.2 million US dollars. Since their launch on January 11th, the nine new ETFs have received a total inflow of approximately 5.8 billion US dollars, while GBTC has had an outflow of 5 billion US dollars, resulting in a net inflow of 759.4 million US dollars.