Bitcoin

Grayscale Bitcoin Trust

Spot

Investor interest in newly launched spot Bitcoin ETFs seems to wane, as another $80 million net outflow was recorded yesterday.&nbsp;
According to Bloomberg <a href="https://finance.yahoo.com/news/largest-bitcoin-etf-slowing-outflows-034741924.html" target="_blank" rel="noopener noreferrer nofollow">reports</a>, Bitcoin ETFs witnessed an approximately $270 million inflow on Wednesday. However, factoring in the withdrawals from Grayscale Investment’s <a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> ETF, the net outflows totaled about $153 million on that day. The trend continued today with a $80 million net outflow, marking the fourth straight day of net withdrawals across these 10 funds.&nbsp;
These <a href="https://twitter.com/BitMEXResearch/status/1750747882951422092" target="_blank" rel="noopener noreferrer nofollow">outflows</a> were solely from the Grayscale Bitcoin Trust (GBTC), which transitioned into an ETF following the green light from the U.S. Securities and Exchange Commission. Since its transformation into an ETF on Jan. 11, GBTC, active for over a decade, has seen approximately $4.8 billion withdrawn.&nbsp;
You might also like: <a href="https://crypto.news/tokens-surge-double-digits-as-bitcoin-shrugs-gbtc-stream/" rel="noopener noreferrer nofollow"> Tokens surge double digits as Bitcoin shrugs GBTC stream </a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Bitcoin Spot ETF Flow – Day 10 Data out for all providers $80m net outflow for day 10 <a href="https://t.co/iFa1KTOk4t" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/iFa1KTOk4t</a>— BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1750747882951422092?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 26, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
During this period, the value of Bitcoin fell by about 20%. The change of GBTC from a closed-end trust to an ETF format opened the door for investors to exit a previously popular arbitrage opportunity.
The shift led to significant sell-offs, partly fueled by the liquidation activities of the bankrupt FTX exchange’s estate. The highest daily outflow from this fund was recorded at $641 million on Jan. 22, but by Jan. 25, this had reduced to $394 million.
Read more: <a href="https://crypto.news/okx-shuts-down-mining-pools-after-five-years-of-operation/" rel="noopener noreferrer nofollow"> OKX shuts down mining pools after five years of operation </a>

Spot Bitcoin ETFs see $80m net outflows on Thursday

crypto.news

Other articles published on Jan 26, 2024

Matrixport predicts challenging Q1 for Bitcoin as GBTC investors keep capitalizing

Only five crypto exchange account for 98% of total euro trade volume, data shows

TRUMP2024 or BIDEN2024? How U.S. elections are propping these altcoins

Grayscale’s Bitcoin ETF proves profitable for hedge funds

MEV bot on Solana rakes $1.7m in profit, Rebel Satoshi’s potential engages investors

Binance Coin: Can Sellers Push BNB to $250?

Join our free newsletter for daily crypto updates!