Grayscale's GBTC has experienced a significant outflow of 13,793.09 bitcoin , valued at approximately $571 million, in just 24 hours. This substantial withdrawal brings the total bitcoin holdings of GBTC down to 605,890.87, a notable decrease from its previous holdings of 617,079 BTC as of January 14, 2024 ¹.
This recent decline in reserves marks another major outflow from Grayscale's assets, with a total of 24,981.22 BTC withdrawn from the fund over the course of just four days. This substantial outflow represents a removal of over $1 billion from the fund.
The Grayscale Bitcoin Trust ETF (GBTC) has been facing rising competition from other Bitcoin ETFs, which may have contributed to the recent outflows. As the first spot Bitcoin exchange-traded product to commence trading in the US, GBTC has been a popular choice for investors seeking exposure to Bitcoin . However, with the emergence of new competitors, investors may be exploring alternative options for investing in Bitcoin ².
It's worth noting that GBTC has undergone significant changes in recent times, including its uplisting to NYSE Arca as a spot Bitcoin ETP in January 2024. Despite these changes, the fund has continued to experience outflows, highlighting the challenges faced by GBTC in the increasingly competitive Bitcoin ETF market ³.
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