Billions Flow Out of Grayscale as Investors Flock to New Bitcoin Spot ETFs
• Cash is flowing out of high-profile crypto funds following the launch of Bitcoin spot ETFs on January 11th. Over $2.9 billion has left funds like Grayscale and CoinShares.
• Meanwhile, new Bitcoin ETFs have seen $4.13 billion in inflows since launching. BlackRock's iShares Bitcoin Trust has attracted over $1.3 billion.
• Grayscale's Bitcoin Trust (GBTC) converted to an ETF format recently. Investors have since cashed out over $2.2 billion from the fund.
• Altcoin funds giving exposure to assets like Ethereum and Solana lost $22.5 million last week.
• Short Bitcoin products, which bet on the crypto's price falling, have seen an influx of cash.