Crypto asset manager Grayscale continues to see slowing outflows from its Bitcoin (BTC) spot exchange-traded fund (ETF).
In a post from February 19th
However, at the same time, the pace of asset outflows has slowed significantly, with Geraci noting that the “bleeding” may be nearing an end.
GBTC has seen $7 billion in outflows in the last 5 weeks…
What a diagram.
The outflows are slowing down significantly.
I'm excited to see what happens in the future.
Play for Grayscale, in my opinion, is to bring “mini-GBTC” (spot Bitcoin ETF with significantly lower fees) to the market. SPDR has done this with GLD and GLDM.
via @biancoresearch pic.twitter.com/NrZnqzUiAi
— Nate Geraci (@NateGeraci) February 19, 2024
While January saw the largest share of outflows with $5.64 billion leaving GBTC by the end of the month, February only saw outflows of $1.37 billion.
However, there could also be further outflows after a judge recently signed an order allowing insolvent crypto lender Genesis to sell some of its investments from Grayscale.
According to court documents, Genesis owned approximately $1.6 billion in shares of GBTC, Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG).
Meanwhile, assets of nine leading spot Bitcoin ETFs exceeded 200,000 BTC, or $9.5 billion, in the first month since their launch on January 11. New Bitcoin ETFs rose to second place in the ranking of U.S. commodity exchange-traded funds by asset volume, becoming a more popular investment vehicle than silver ETFs.
There we have it! The new nine have accumulated more than 200,000 BTC.
Second strongest daily US spot flow since yesterday's launch.
Since launch, the total net inflow into US spot ETFs is a massive 51,134 BTC. pic.twitter.com/6RFugg7jZO
– Vetle Lunde (@VetleLunde) February 9, 2024
The nine Bitcoin ETFs include BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW). ).
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