Grayscale’s GBTC’s daily outflow amounted to almost $200 million in 24 hours

A total of $7,34 billion has been withdrawn from the fund since January 11

22.02.2024 - 08:53

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What’s new? On February 21, a net outflow of $199,3 million was recorded from the spot crypto exchange-traded fund (ETF) Grayscale Bitcoin Trust (GBTC) (data from Farside Investors). Trading in shares of ten spot BTC ETFs in the US was approved by the securities regulator SEC on January 11. Thus, since January 11, $7,34 billion has been withdrawn from GBTC.

Farside Investors’ data

What else is known? GBTC was launched in 2013 and currently has about $23,5 billion in assets under management. In January, the fund converted to an ETF, allowing investors to sell shares of the fund at its net asset value.

The Grayscale ETF charges a fee of 1,5% — significantly higher than similar offerings in the US, which charge fees ranging from 0,19% to 0,39%.

Earlier this month, CryptoQuant CEO Ki Young Ju predicted that the BTC exchange rate would rise to $112 000 on the back of an inflow of funds from spot bitcoin exchange-traded funds. He noted that even with the outflows from Grayscale’s GBTC bitcoin trust, a $76 billion increase could boost the realized volume from $451 billion to $527-565 billion.

On February 14, bankrupt crypto broker Genesis received court approval to sell 35 million GBTC shares worth $1,3 billion as part of an effort to compensate investors.