Grayscale’s spot Bitcoin ETF GBTC outflows hit $7b

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Crypto asset supervisor Grayscale continues to see a slowdown in outflows from its Bitcoin (BTC) spot exchange-traded fund (ETF).

In a Feb. 19 put up on X, co-founder of ETF Institute Nate Geraci reported that the entire outflow of funds from Grayscale’s GBTC since its conversion to a spot Bitcoin ETF has reached $7 billion.

Nevertheless, on the similar time, the tempo of asset outflows has slowed considerably, with Geraci noting that the “bleeding” could also be near stopping.

Whereas January noticed the most important share of outflows, with $5.64 billion leaving GBTC by the top of the month, however February noticed solely $1.37 billion in outflows.

Nevertheless, additional outflows might additionally happen after a choose just lately signed an order permitting bankrupt crypto lender Genesis to unload a few of its funding from Grayscale.

Based on court docket paperwork, Genesis owned roughly $1.6 billion shares in GBTC, Grayscale Ethereum Belief (ETHE), and Grayscale Ethereum Basic Belief (ETCG).

In the meantime, within the first month since their launch on Jan. 11, the belongings of 9 main spot Bitcoin ETFs exceeded 200,000 BTC, or $9.5 billion. New Bitcoin ETFs rose to second place within the rating of commodity exchange-traded funds in the US by asset quantity, changing into a extra well-liked funding automobile than silver ETFs.

The 9 Bitcoin ETFs embody BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC) and WisdomTree (BTCW).

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