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Bitcoin ETF Filing Flood Collides With Cooling Demand for Funds

  • SEC chief Gensler reignited optimism about crypto ETF approval
  • Digital asset funds posted 5th week of outflows: CoinShares

U.S. Securities and Exchange Commission Chair Gary Gensler ignited a fresh wave of optimism among Bitcoin exchange-traded fund advocates this month -- but it’s unclear whether investors share that enthusiasm.

Digital-asset investment products from Grayscale, Bitwise, 21Shares and others saw outflows for the fifth straight week, the longest such streak since January 2018, according to data compiled by CoinShares. The outflows total roughly $93 million over that stretch. Much of it is thanks to money being yanked away from Bitcoin products, according to the digital-asset manager.