GBTC outflows have reached an astonishing $16.2 billion since the launch of the Bitcoin ETF in January. This week alone, a staggering $767 million has been drained from GBTC, causing the fund’s Bitcoin holdings to steadily decline. On April 12, the fund lost over 2,500 Bitcoin, leading to withdrawals from GBTC exceeding $166 million. Farside Investors reveals that the outflows from GBTC have been consistently high since the ETF’s debut earlier this year.
Throughout April, daily withdrawals from the Grayscale Bitcoin ETF GBTC have varied between $75 million and $300 million. However, overall inflows into Bitcoin ETFs have been relatively modest, indicating a decline in investor interest.
Despite this, BlackRock has maintained its position with $15 billion in assets under management for the IBIT Bitcoin ETF. As a result, the difference in Bitcoin reserves between BlackRock and Grayscale has significantly decreased. BlackRock is likely receiving the majority of the GBTC outflows.
Earlier this week, Grayscale CEO Michael Sonnenshein suggested that selling of GBTC shares may start to level off soon. His comments have given traders and investors hope that the persistent selling pressure in the market will be counterbalanced by purchasing demand once the outflows reach a balance. However, the current facts show that this claim is completely false.
At the time of writing, Bitcoin is trading at $67,196, experiencing a 1.92% decrease in the last 24 hours according to CoinMarketCap data. The cryptocurrency market has been in the red ahead of the upcoming halving event this month.
In other news, UFC and VeChain have partnered to introduce tokenized gloves at UFC 300.
