GBTC Records Largest Daily Outflow as Bitcoin ETF Inflows Decline

Bitcoin ETF image and a BTC accumulation chart

The total inflows into the nine spot Bitcoin ETFs established in the United States appear to be drying up quickly, with net inflows of $150 million or less over the previous several days. On the other hand, outflows from the Grayscale Bitcoin ETF GBTC have increased once more.

GBTC Sees Record Outflows

On Monday, March 18, the Grayscale Bitcoin ETF GBTC had its largest-ever outflow of $643 million. This implies that a whopping 10,000 BTC has been removed from GBTC’s holdings, with the possibility of them being sold to other fund managers.

Bitcoin analyst HODL15Capital adds that with today’s outflows, $GBTC has lost 250,600 Bitcoin since its ETF conversion. Total Bitcoin holdings have dropped from 620K BTC to 368K BTC, representing a 40% loss. Interestingly, Grayscale just applied for the Bitcoin microtrust with the US Securities and Exchange Commission.

Furthermore, the expert stated that there is no cause for concern with these operations because they are simply settling today’s outflows. Reportedly, these currencies are transferring to respected businesses like Bitwise,VanEck,and Fidelity.

BlackRock Bitcoin ETF Picks Up Pace Again

Following a week-long decline, the BlackRock Bitcoin ETF resumed its upward trend. Farside investors reported $451 million in outflows from the BlackRock Bitcoin ETF on Monday, March 18. In contrast, all others reported inflows of less than $10 million in a single digital transaction.

This indicates that Black Rock may have drawn the majority of GBTC outflows on Monday. Furthermore, overall inflows into Bitcoin ETFs have been declining dramatically.

During an interview with Bloomberg TV, Grant Engelbart, Vice President and Investment Strategist at Carson Group, noted that only a small number of advisers generally deploy 3.5% of BTC ETFs to client household accounts.

Renowned Bloomberg ETF Strategist Eric Balchunas discusses current changes in the worldwide Bitcoin exchange-traded fund (ETF) scene. Bitcoin ETFs in Europe and Canada have seen withdrawals following the debut of US spot ETFs that provide more cost-effective and liquid choices.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.