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 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.
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.
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