Spot Bitcoin exchange-traded fund traders are going where the fees are lowest.
Bitcoin ETFs and other digital asset investment products took a minor hit this week with $21 million in net outflows, according to CoinSharesâ weekly digital asset fund flows report â but the outflows donât tell the whole story.
In the report, CoinSharesâ James Butterfill wrote that trading activity has already reached seven times the usual weekly trading volume in 2023, at $11.8 billion in Bitcoin products traded on the week.
The majority of outflows are attributed to incumbent ETF providers, such as Grayscale Investments, Purpose Investments, and CoinShares, which lost $2.9 billion.
