Grayscale’s Bitcoin Trust Sees Outflows Drop To Lowest Since It Converted To A Spot Bitcoin ETF

The Grayscale Bitcoin Trust (GBTC) on Feb. 23 recorded its lowest outflows since it converted to a spot Bitcoin ETF (exchange-traded fund) on Jan. 11.

BitMEX Research data shows that withdrawals for GBTC totalled just $44.2 million on Friday. It hemorrhaged $5.64 billion in outflows in January, with $640 million being withdrawn from the ETF on Jan. 22 alone.

Grayscale Launches Bitcoin Mining-Centered Investment Entity - Blockchain.News

February has been a better month, with only $1.8 billion leaving the fund so far. Overall, investors have pulled a collective $7.4 billion from the fund since its conversion. 

Grayscale’s Bitcoin ETF Is Still Underperforming Competitors

Although the reducing outflows is good news for GBTC, the ETF is still underperforming its competitors.

BlackRock’s IBIT fund has led the charge since the U.S. Securities and Exchange Commision (SEC) approved spot Bitcoin ETFs on Jan. 11, accumulating assets of more than $6.6 billion. Fidelity’s FBTC takes second place, with its inflows totaling over $4.7 billion during the same period.

Cathie Wood’s ARK21 Shares takes third place after amassing $1.4 billion in assets.

GBTC Outflows To Continue Unless It Slashes Fees

JPMorgan warned earlier that GBTC may continue to lose market share to competitors including BlackRock and Fidelity if it does not slash its ETF fees. GBTC currently charges the highest fees of all the spot Bitcoin ETFs in the market, even after it reduced its management charge to 1.5% from 2%. 

Related Articles:

  • Upcoming Crypto Presales: Unlock Early Investment Opportunities!
  • Reddit Reveals Bitcoin And Ether Holdings In IPO Filing
  • Gorilla Price Prediction: GORILLA Pumps 100% In A Month As Experts Say This New Solana Meme Coin Might Overtake Bonk, Dogwifhat And Myro

Comments

Post a Comment

Popular posts from this blog

Shiba Inu Price on Black Friday 2023

Image
Shiba Inu (SHIB) has become one of the most prominent meme-inspired cryptocurrencies since its launch in August 2020. The developers behind the decentralized token have worked to build an ecosystem of projects for the SHIB community. However, the recent launch of the layer-2 solution Shibarium failed to significantly boost prices amid the ongoing crypto bear market. With Thanksgiving approaching, here is our Shiba Inu price prediction for Black Friday 2023. What is Shiba Inu? A Brief History Shiba Inu is a decentralized cryptocurrency that spawned from a meme-inspired online community. The token’s mascot is a Shiba Inu dog, which led to the name. In mid-2020, an anonymous individual or group known as Ryoshi started working on Shiba Inu as an experimental decentralized community project. Ryoshi intended to take the meme coin concept behind Dogecoin and build an ecosystem around it. Also read: Ben Armstrong Sues Ex-Colleagues Over Alleged Stolen Lamborghini After launch...
Read more

This is what a Trump capital gains tax  could look like

President Biden recently made a stir with his latest budget proposal, which included several provisions that alarmed investors. The first and arguably most important for anyone involved with the stock market is the proposed new and increased capital gains tax. Under the plan, the rate would reach its highest since the tax was established in 1913 at a maximum of 44.6%. The proposal immediately proved controversial, given how it compares to the original maximum of 7% and the 1921 Revenue Act maximum of 12.5%. It is also substantially higher than the rate set during former President Trump’s term when it was reformed not to exceed 20%. Picks for you Crypto expert Plan B sets Bitcoin price for 2025 19 mins ago Opportunity? DOGE set for imminent bull run 49 mins ago Ripple v. SEC court case update as of May 2, 2024 2 hours ago Bitcoin optimism fades amid second-longest run of weekly red candles 17 hours ago With this in mind, and particularly consi...
Read more

Bitcoin Holds Above $26,500 And Begins An Uptrend

Image
Mar 28, 2023 at 11:11 // Price Author Coin Idol Bitcoin (BTC) price is flattening out as buyers are unable to keep it above the psychological threshold of $28,500. Bitcoin price long-term forecast: bullish The only price range that has moved since March 19 is between $26,500 and $28,500. Bitcoin is currently trading at $27,101 after falling to a lower price level. In order to overcome the resistance levels of $28,500 and $29,000 to the upside, buyers have made persistent attempts, but without success. Price signals point to a likely rise to the high of $3...
Read more