Truth Social Fund Seeks Approval for Two New Crypto ETFs Amid Outflows
- The Truth Social Fund has filed with the U.S. SEC for two crypto exchange-traded funds (ETFs).
- Proposed funds include the Truth Social Cronos Yield Maximizer ETF and the Truth Social Bitcoin and Ether ETF.
- On February 12, U.S. spot Bitcoin ETFs experienced a net outflow of $410.37 million, with no BTC fund reporting inflows.
- BlackRock’s IBIT ETF recorded the largest withdrawals at $157.56 million, followed by Fidelity’s FBTC with $104.13 million.
- Bitcoin price was approximately $68,950, reflecting a rise of about 4% despite ongoing ETF outflows.
The Truth Social ETFs aim to offer exposure to digital assets while institutional outflows indicate a declining demand in the market for crypto products.
As institutional flows turn negative, the proposed funds highlight an effort to capture interest in crypto investments amidst significant withdrawals from existing ETFs, including over $410 million from Bitcoin products on February 12.
