Investors refused to buy the dip in January, with crypto investment products seeing massive outflows Bitcoin
Outflows reached an average of $61 million per week in January, marking a rough start for the first quarter of 2022. In Q1 2021, for comparison, the industry saw a record-breaking $4.5 billion worth of inflows. It’s important to note that there’s still significant investor demand for digital asset investment products, but institutions seemingly reacted to the Fed by offloading their positions.of them by the start of 2023.
Grayscale Bitcoin Trust's shares reached a massive discount of 29.8% on Jan. 21, according to data provided by YCharts.While the company plans to convert the fund into an ETF, it remains highly unlikely that it will be able to pull this off anytime soon. Earlier this week, the U.S. Securities and Exchange Commission has postponed its decision on Grayscale’s application after rejecting several proposals to launch a spot Bitcoin ETF., which resumed its rally in October because of the launch of the first futures-based ETF, plunged 16% in January, with the hawkish narrative perpetuated by the Fed pushing risky assets much lower.
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