Grayscale’s GBTC sustained significant outflows, witnessing a withdrawal of $2.2 billion last week. Notably, this follows a substantial outflow of $2.8 billion two weeks ago, culminating in a total flow of $5 billion since the SEC approval of spot ETFs.
However, recent data indicates a diminishing trend in the outflows, with Butterfill observing a gradual reduction in daily total outflows throughout the past week.
“The outflows in Grayscale aren’t pretty but it looks like they are beginning to subside,” Butterfill said.
In contrast, the newborn nine spot BTC ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, experienced robust inflows amounting to $1.8 billion. Since their launch, these ETFs have collectively attracted approximately $5.94 billion in inflows, resulting in a net inflow of $807 million when factoring in GBTC outflows.
Globally, crypto Exchange-Traded Products (ETPs) currently hold 900,000 BTC, valued at an estimated $36.2 billion, per ByteTree data. Notably, GBTC constitutes over 50% of this total, boasting a balance of 502,000 BTC, equivalent to an estimated $21.1 billion.
Meanwhile, IBIT and FBTC’s BTC holdings have flipped ProShares’ futures BTC ETF (BITO) despite trading for fewer days.
