{"id":82576,"date":"2024-06-26T01:54:09","date_gmt":"2024-06-26T05:54:09","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82576"},"modified":"2024-06-26T01:54:43","modified_gmt":"2024-06-26T05:54:43","slug":"grayscale-bitcoin-etf-sees-30m-outflows-amid-market-rebound","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/grayscale-bitcoin-etf-sees-30m-outflows-amid-market-rebound\/","title":{"rendered":"Grayscale Bitcoin ETF Sees $30M Outflows Amid Market Rebound"},"content":{"rendered":"\n

Grayscale Bitcoin ETF<\/a> (GBTC) outflows totaled $30 million in the last 24 hours, adding to recent exits as sentiment weakened.<\/p>\n\n\n\n

\"Grayscale<\/figure>\n\n\n\n

In the last 24 hours, Grayscale Bitcoin ETF (GBTC) has experienced $30 million in outflows, which is indicative of its ongoing exit strategy.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Today, Bitcoin's price increased as the broader market experienced a 0.9% increase in inflows.<\/p>\n\n\n\n

Grayscale Bitcoin ETF Record Outflows<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

This follows the trend of the fund marking higher outflows than newly launched spot ETFs<\/a>.<\/p>\n\n\n\n

Last week, Grayscale experienced losses of $150 million and $450 million in 30 days.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

As activities increased, BlackRock and other issuers reported increased volumes.<\/p>\n\n\n\n

The primary reason for investors to sell Grayscale and transition to other issuers is its price.<\/p>\n\n\n\n

New ETFs\u00a0such as BlackRock<\/a> carry lower fees than Grayscale.<\/p>\n\n\n\n

Another minor factor could be the excitement and adverts around these products.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The SEC identified potential risks associated with trade manipulations during the approval process.<\/p>\n\n\n\n

Bitcoin and Crypto Activities See Gains<\/h2>\n\n\n\n

The industry experienced substantial outflows from institutional products and decentralized finance (DeFi) protocols as a result of the falling prices of digital assets.<\/p>\n\n\n\n

Moreover, the price of other digital assets saw a similar\u00a0decline as Bitcoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> declined below $61,000.<\/p>\n\n\n\n

The total market cap dropped from $2.6 trillion to slightly over $2.2 trillion.<\/p>\n\n\n\n

However, the past 24 hours have witnessed a significant shift in the state of the crypto market, as prices have increased overall.<\/p>\n\n\n\n

The market cap of Bitcoin, Ethereum, and other altcoins increased by 0.91%, resulting in minor gains.<\/p>\n","protected":false},"excerpt":{"rendered":"

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; […]<\/p>\n","protected":false},"author":56,"featured_media":82578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17807,16494],"class_list":["post-82576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-btc-price","tag-grayscale-bitcoin-etf"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/Grayscale-Bitcoin-ETF-Sees-30M-Outflows-Amid-Market-Rebound.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82576"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82578"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}