Grayscale Bitcoin ETF Marks $30 Million Outflows Amid Spring Back

Grayscale Bitcoin ETF (GBTC) has continued its exit spree with $30 million in outflows in the last 24 hours. Last week, outflows heightened due to the wider market correction but with daily gains today, general ETF outflows were in moderation. Bitcoin price picked up today with the wider market notching a 0.9% inflow.

Grayscale Bitcoin ETF Record Outflows 

Grayscale sold 490 Bitcoin worth approximately $30 million taking total exits to 340,000 BTC since the launch of spot ETFs in the United States. This follows the trend of the fund marking higher outflows than newly launched spot ETFs. Last week, Grayscale saw losses of $150 million and $450 million in 30 days. 

This year, the fund has sold over 18,000 Bitcoin but still holds 29,331 BTC on its sheet maintaining the top spot. BlackRock and other issuers recorded improved volumes as activities picked up. The major reason for investors selling Grayscale and switching to other issuers is because of its price. New ETFs like BlackRock charge less than Grayscale. Another minor factor can include the hype and adverts around these products. 

Grayscale played a major role in the issuance of spot Bitcoin ETFs following a land market judgment that eventually led to the approval of these products by the Securities and Exchange Commission (SEC). In the run to approvals, the SEC cited potential risks relating to trade manipulations. 

Bitcoin and Crypto Activities See Gains 

The industry recorded massive outflows from decentralized finance (DeFi) protocols and institutional products because of the falling prices of digital assets. Bitcoin declined below $61,000 leading to a similar fall in the price of other digital assets. The total market cap fell from $2.6 trillion to slightly over $2.2 trillion. 

However, the last 24 hours saw a change of fortunes as crypto prices picked up across the board. Bitcoin, Ethereum, and other altcoins saw slight gains with a 0.91% increase in its market cap.

Also Read: Solana and Cardano Lead Top 10 Crypto Rebound

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.