Digital assets manager CoinShares says institutions are pulling out of crypto exchange-traded products (ETPs) to the tune of $500 million weeks after the U.S. Securities and Exchange Commission (SEC) approved a spot BTC exchange-traded fund (ETF) earlier this month.
In its latest Digital Asset Fund Flows report, CoinShares finds that even though crypto investment products saw massive outflows last week, Grayscale outflows are slowing down a bit.
“Digital asset investment products saw significant outflows from a global perspective, totaling US $500 million…
Recent price declines prompted by the substantial outflows from the incumbent ETF issuer (Grayscale) in the US totaling US $5 billion (since 11th January 2024), have likely prompted further outflows other regions. The outflows in Grayscale last week totaled US$2.2 billion, although data suggests outflows are beginning to subside as the daily total continued to reduce towards over the week.”
However, recently issued US-based ETFs enjoyed inflows of $1.8 billion over the last seven days. Such ETFs have seen nearly $6 billion in inflows since their approval by the SEC earlier this month.
“Meaning on a net basis, including Grayscale inflows since launch now total US $807 million. We believe that much of the price falls, despite these positive flows, was due to Bitcoin seed capital being acquired prior to 11th January.”
BTC products saw $478.9 million in outflows, while Ethereum (ETH) products suffered $38.8 million in losses. XRP, Cardano (ADA) and Litecoin (LTC) products lost $0.4, $0.4, and $0.2 million, respectively, while Solana (SOL) products brought in $3 million worth of inflows.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
