According to James Butterfill, research director at CoinShares, as of the close of January 16, 2024, the net outflow of funds from cryptocurrency investment products this week has reached $424 million. This change reflects investors turning to more cost-effective US funds. Specifically, since the launch of spot-based ETFs, the Grayscale Bitcoin Trust (GBTC) has seen $1.18 billion in outflows, while this week the outflow for ProShares Bitcoin Strategy ETF (BITO) was $141 million. At the same time, the newly issued US spot Bitcoin ETF has attracted $2 billion in inflows.