Grayscale Bitcoin ETF (GBTC) outflows totaled $30 million in the last 24 hours, adding to recent exits as sentiment weakened.
In the last 24 hours, Grayscale Bitcoin ETF (GBTC) has experienced $30 million in outflows, which is indicative of its ongoing exit strategy.
Outflows spiked last week as a result of the broader market correction; however, today’s daily gains resulted in a moderate level of general ETF outflows.
Today, Bitcoin’s price increased as the broader market experienced a 0.9% increase in inflows.
Grayscale Bitcoin ETF Record Outflows
Grayscale sold 490 Bitcoin worth around $30 million, bringing the 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 experienced losses of $150 million and $450 million in 30 days.
The fund has sold over 18,000 Bitcoin this year, but it continues to maintain its position as the top spot by holding 29,331 BTC on its balance sheet.
As activities increased, BlackRock and other issuers reported increased volumes.
The primary reason for investors to sell Grayscale and transition to other issuers is its price.
New ETFs such as BlackRock carry lower fees than Grayscale.
Another minor factor could be the excitement and adverts around these products.
The Securities and Exchange Commission (SEC) ultimately approved spot Bitcoin ETFs due to a land market judgment, which Grayscale played a significant role in the issuance of.
The SEC identified potential risks associated with trade manipulations during the approval process.
Bitcoin and Crypto Activities See Gains
The industry experienced substantial outflows from institutional products and decentralized finance (DeFi) protocols as a result of the falling prices of digital assets.
Moreover, the price of other digital assets saw a similar decline as Bitcoin declined below $61,000.
The total market cap dropped from $2.6 trillion to slightly over $2.2 trillion.
However, the past 24 hours have witnessed a significant shift in the state of the crypto market, as prices have increased overall.
The market cap of Bitcoin, Ethereum, and other altcoins increased by 0.91%, resulting in minor gains.
