Bitcoin Spot ETF Jitters Subside: Grayscale Outflows Drop To New Lows

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,359,810,797,380	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,359,810,797,380

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,432.45	2.11%	69,347.02	69,343.42	69,345.30

Price Change

Price Change %

Current Price

Bid Price

Offer

1,432.45

2.11%

69,347.02

69,343.42

69,345.30

High Price	Low Price	Open Price	Prev. Close	52 Week Range
69,387.00	67,658.00	67,857.26	67,912.98	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

69,387.00

67,658.00

67,857.26

67,912.98

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	15:03:15	0.000429	69,345.49	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

15:03:15

0.000429

69,345.49

USD

Price x Volume	Volume	Base Symbol	Related Pairs
218,330,605.72	3,194.91	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

218,330,605.72

3,194.91

Bitcoin Spot ETF Jitters Subside: Grayscale Outflows Drop To New Lows

26/02/2024 2:00pm

NEWSBTC

Outflows from Grayscale’s Bitcoin Trust (GBTC) seem to be slowing down, as shown by the trading activity of Bitcoin ETFs. This comes as investor anxiety over Grayscale’s Spot ETF seems to finally be subsiding, with the entire ETF cohort continuing to attract huge trading volumes and rapid growth in assets under management. As a result, the GBTC saw daily outflows drop steadily over the course of the week to just $44.2 million on Friday, the lowest since spot Bitcoin ETFs went live. Outflows Drop As Grayscale’s BTC ETF Stabilizes After several weeks of elevated outflows totaling over $7.44 billion, investors pulled just $436.2 million of Grayscale’s Bitcoin Trust last week. Notably, the lowest daily outflow of $44.2 million came on the last day of the week. Related Reading: Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger? Grayscale’s GBTC is undoubtedly the biggest Bitcoin ETF among its cohort. This is because GBTC was launched in 2013 as a Bitcoin trust available only in OTC markets., allowing it to grow over the years as it was the only go-to for investors looking to dive into the crypto industry. However, after a lengthy regulatory procedure, the SEC finally approved GBTC’s conversion into a Spot Bitcoin ETF. Consequently, Grayscale’s new Bitcoin ETF went live on January 11, along with nine other recently approved ETFs. GBTC held around $27 billion worth of BTC assets when it first began trading as an exchange-traded fund (ETF). Surprisingly, Grayscale’s conversion into an ETF came along with a vast amount of withdrawals from investors, and by the end of January, GBTC had witnessed $5.55 billion worth of withdrawals. Many analysts have attributed Grayscale’s high management fees (1.5%) to the outflows. During this period, other Bitcoin ETFs continued to attract new money. BlackRock’s iShares Bitcoin Trust (IBIT) now has over $6.64 billion worth of BTC in its ETF, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) with $4.73 billion. What’s Next For Grayscale’s Bitcoin ETF? While last week’s outflow data is an encouraging sign for Grayscale and the wider ETF market, outflows could continue in the coming weeks. Bankrupt crypto lending firm Genesis recently received court approval to sell its $1.3 billion worth of GBTC in order to repay its creditors. Related Reading: Crypto Analysts Are Giga-Bullish On XRP Price, Set Multiple Price Targets The prospect of a liquidation of such gravity has propelled concerns amongst investors of the potential downward implications on the price of BTC. However, many others remain optimistic. According to a report by crypto exchange Coinbase, full liquidation would have a neutral impact on the market as the majority of funds are expected to remain in the crypto ecosystem. At the time of writing, Bitcoin was trading at $51,300, while Grayscale’s GBTC now had $22.7 billion worth of assets under management. BTC price at $51,200 | Source: BTCUSD on Tradingview.com Featured image from Vegavid Technology, chart from Tradingview.com

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