CoinShares' Head of Research, James Butterfill, posted on X platform, stating that as of the close on January 16, 2024, the net outflows from cryptocurrency investment products for the week have reached $424 million. This shift reflects investors moving towards more cost-effective U.S.-based funds.
Specifically, Grayscale Bitcoin Trust (GBTC) has seen outflows of $1.18 billion since the launch of spot-based ETFs. Meanwhile, there has been an outflow of $141 million from ProShares Bitcoin Strategy ETF (BITO) this week. At the same time, newly issued U.S. spot Bitcoin ETFs have attracted inflows of $2 billion.