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Grayscale Bitcoin ETF Sees Record Lowest Daily Outflow of $18M
The relatively low figure is a sharp decline from GBTC's usual outflow amounts.
Updated Apr 11, 2024, 7:24 p.m. Published Apr 11, 2024, 10:26 a.m.
Grayscale’s bitcoin (BTC) exchange-traded fund (ETF) logged about $18 million in outflows on Wednesday, a record-low figure since it first went live in January, Bitmex Research and Farside Investors said in posts on X.
Bitcoin ETF Flow (US$ million) - 2024-04-10
— Farside Investors (@FarsideUK) April 11, 2024
TOTAL NET FLOW: 123.7
(Provisional data)
IBIT: 33.3
FBTC: 76.3
BITB: 24.3
ARKB: 7.3
BTCO: 0
EZBC: 0
BRRR: 0
HODL: 0
BTCW: 0
GBTC: -17.5
DEFI: 0
For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
The figures come a day after Grayscale CEO Michael Sonnenshein said he sees outflows from the Grayscale Bitcoin Trust (GBTC) reaching an “equilibrium” as selling activity connected to settlements of bankrupt crypto companies like FTX was "largely behind us.”
Analysts at Coinbase Institutional have said that the increased GBTC selling is potentially in part due to Genesis selling shares as part of its bankruptcy process.
The GBTC product has hemorrhaged nearly $15 billion in bitcoin outflows since going live and has almost consistently seen outflows every week, likely contributing to selling pressure on the asset.
The EFT also charges the highest annual fees among counterparts at 1.5% of holdings, compared with as low as 0.19% for Franklin Templeton’s EZBC.
Bitcoin is trading just above $70,600 as of European morning hours, up 2.2% in the past 24 hours. The broad-based CoinDesk 20 added 1.7%.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
