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Funds have been flowing out of the Grayscale Bitcoin Trust for more than two months. Moreover, March 11 was the largest outflow for the month.
A whopping $494 million worth of BTC exited the fund yesterday. This works out at 6,850 BTC, according to BitMEX Research, which labeled it a record outflow. The BitMEX declaration is misleading, however, as GBTC outflows exceeded $500 million for five days in January and again on Feb. 29.BitMEX clarified stating that it meant a record-high in terms of Bitcoin price, before adding it was the sixth-largest outflow in US dollar terms for GBTC.by 36% since GBTC was converted into a spot ETF in January. Before the conversion, it held around 620,000 BTC, but that figure has now fallen to 395,744, according to its website.
When Grayscale converted the product to a spot ETF, it allowed investors to redeem their shares for the underlying asset for the first time. Moreover, it also has higher fees than competing products from BlackRock and Fidelity, so investors have been cashing out or rebalancing their portfolios.from Farside Investors, March 11 saw a record inflow for VanEck’s spot Bitcoin ETF, HODL. The fund had $119 million in inflows for the day. This came after anCrypto market capitalization has reached $2.
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