The Grayscale Bitcoin ETF (GBTC) has seen a continued outflow of funds, losing $30 million in the past 24 hours. While the broader crypto market has experienced a rebound, with Bitcoin gaining 0.9%, Grayscale continues to see investors move away from its fund. This follows a trend of higher outflows from Grayscale than newly launched spot ETFs. Grayscale sold 490 Bitcoin worth approximately $30 million, bringing total exits to 340,000 BTC since the launch of spot ETFs in the United States. The primary reason for this shift is the higher fees charged by Grayscale compared to newer ETFs like BlackRock. Despite these outflows, Grayscale remains the largest holder of Bitcoin with 29,331 BTC. The crypto market as a whole experienced a decline in value earlier in the week, with a drop in Decentralized Finance (DeFi) protocols and institutional products. This was attributed to falling prices of digital assets. However, the market has since rebounded, with Bitcoin, Ethereum, and other altcoins seeing gains.
Grayscale Bitcoin ETF Faces $30 Million Outflow Despite Market Rebound
Summary:
Grayscale Bitcoin ETF (GBTC) experienced a $30 million outflow in the last 24 hours.
This follows a trend of higher outflows from Grayscale than newly launched spot ETFs.
Grayscale sold 490 Bitcoin worth $30 million, bringing total exits to 340,000 BTC since the launch of spot ETFs in the United States.
The primary reason for this shift is the higher fees charged by Grayscale compared to newer ETFs like BlackRock.
Despite outflows, Grayscale remains the largest holder of Bitcoin with 29,331 BTC.
The crypto market experienced a decline in value earlier in the week, with a drop in Decentralized Finance (DeFi) protocols and institutional products.
The market has since rebounded, with Bitcoin, Ethereum, and other altcoins seeing gains.
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