$500 million in outflows from crypto asset funds last week – GBTC outflows exceed inflows from other companies | CoinDesk JAPAN

Although they slowed significantly last week, outflows from Grayscale’s Bitcoin ETF, GBTC, continued to outpace inflows to other Bitcoin ETFs. Digital asset management company CoinShares reported on the 29th.

GBTC, the largest and longest-running Bitcoin fund that recently converted from a closed-end fund to an ETF, experienced net outflows of $2.2 billion (approximately 330 billion yen, at an exchange rate of 150 yen to the dollar) last week. However, net inflows into the newly launched US Bitcoin ETF were only $1.8 billion. Adding in net outflows in other countries, crypto funds have experienced a total of $500 million in net outflows, according to CoinShares.

James Butterfill, head of research at CoinShares, said on X (formerly Twitter) on the 28th that total GBTC outflows since January 11th now exceed $5 billion, but Redemptions have fallen over the past week, indicating the pace of sales is slowing, it said. He said, “The greyscale spill is not very good, but it seems to be starting to subside.”

In fact, Grayscale transferred approximately $289 million worth of Bitcoin (BTC) to Coinbase Prime on the 29th in preparation for sale, according to blockchain data analysis by Arkham Intelligence. This is almost half of last week’s average daily transfer amount of $530 million.

While this data appears to be good news for Bitcoin in isolation, it should also be considered that it appears to be slowing inflows to the other nine newly launched Bitcoin spot ETFs in the US. be. According to data compiled by CoinDesk, inflows into other ETFs were about 46,000 BTC last week, compared to about 60,000 BTC the week before last, which had four weekdays.

｜Translation and editing: Rinan Hayashi
｜Image: CoinShares
｜Original: Crypto Funds Saw $500M in Outflows Last Week as GBTC Bleed Outweighed Rivals’ Gains: CoinShares