Grayscale Bitcoin ETF (GBTC) withdrawals have totaled $30 million over the past day, continuing the fund’s exodus. Due to the broader market drop last week, outflows increased; however, with today’s daily recovery, overall ETF outflows were moderate. The bitcoin price increased today, and the market saw a 0.9% inflow.
Outflows from Grayscale Bitcoin ETF Record
Since spot ETFs were introduced in the US, Grayscale has sold 490 Bitcoin for almost $30 million, bringing the total number of Bitcoin exits to 340,000. This continues the fund’s pattern of reporting more withdrawals than recently introduced spot ETFs. Grayscale lost $150 million and $450 million in 30 days last week.
Despite selling more than 18,000 Bitcoin this year, the fund still has 29,331 BTC on its balance sheet, keeping it at the top. As activity increased, BlackRock and other issuers reported better volumes. Grayscale’s price is crucial for investors to sell and move to different issuers. BlackRock and other new ETFs have lower fees than Grayscale. Advertisements and the buzz around these products can be another small effect.
After a land market ruling that ultimately resulted in the Securities and Exchange Commission (SEC) approving these products, Grayscale was a crucial player in issuing spot Bitcoin ETFs. In the rush to approvals, the SEC mentioned possible dangers associated with trade manipulations.
Cryptocurrency and Bitcoin Activities See Gains
Due to the declining value of digital assets, the sector saw significant withdrawals from institutional products and decentralized finance (DeFi) protocols. As a result of Bitcoin’s drop below $61,000, the value of other digital assets also decreased. The total market capitalization decreased from $2.6 trillion to just over $2.2 trillion.
But in the past day, things have turned around, with cryptocurrency values rising everywhere. The market caps of Bitcoin, Ethereum, and other cryptocurrencies increased by 0.91%, indicating modest gains.
