Since its debut in January, the Bitcoin ETF has witnessed a staggering outflow of $16.2 billion. This week alone, an astonishing $767 million has been drained from the GBTC. The Grayscale Bitcoin ETF’s Bitcoin holdings are steadily decreasing and show no signs of recovery. After losing over 2,500 Bitcoin on April 12, the GBTC experienced withdrawals exceeding $166 million. Farside Investors reports that since its debut, the GBTC has seen an outflow of $16.2 billion.
Throughout April, daily withdrawals from the Grayscale Bitcoin ETF have fluctuated between $75 million and $300 million. However, overall Bitcoin ETF inflows have been relatively modest, indicating a decline in investor interest.
Despite this trend, the GBTC experienced a massive outflow of $767 million this week, significantly impacting the overall inflow into Bitcoin ETFs. In contrast, BlackRock’s IBIT Bitcoin ETF has maintained its position with $15 billion in assets under management. Consequently, the disparity in Bitcoin reserves between BlackRock and Grayscale has significantly narrowed, suggesting that BlackRock may be receiving the majority of GBTC outflows.
Earlier this week, the CEO of Grayscale, Michael Sonnenshein, hinted that the selling of GBTC shares may soon level down. His comments provided hope to traders and investors, suggesting that the persistent selling pressure in the market may be balanced out by purchasing demand once outflows reach a state of equilibrium. However, current facts indicate that this statement is entirely false.
As of now, Bitcoin is trading at $67,196, experiencing a 1.92% decrease in the last 24 hours according to CoinMarketCap. The cryptocurrency market has been trading in the red ahead of the upcoming halving this month.
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