Bitcoin ETF

Bitcoin

BlackRock

The world’s largest crypto asset manager, Grayscale, has now seen nearly 33% of its Bitcoin&nbsp;holdings in its Grayscale Bitcoin Trust (GBTC) removed since it converted to an exchange-traded fund (ETF) in mid-January.&nbsp;
On March 4, GBTC saw its 36th straight day of outflows, with 5,450 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) worth around $368 million leaving the trust, bringing total outflows since its conversion to $9.26 billion, <a href="https://x.com/bitmexresearch/status/1764801064715383117" target="_blank" rel="noopener nofollow">according</a> to BitMEX Research.
Before it converted its fund to an ETF, Grayscale held around 620,000 BTC, <a href="https://www.coinglass.com/Grayscale" target="_blank" rel="noopener nofollow">according</a> to Coinglass. 
The launch of Grayscale’s spot Bitcoin ETF allowed investors to redeem their shares for Bitcoin. It also hasn’t helped that&nbsp;GBTC has higher fees than other ETFs, such as BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund.
GBTC now holds 420,682 BTC worth an estimated $28.8 billion at current prices, <a href="https://etfs.grayscale.com/gbtc" target="_blank" rel="noopener nofollow">according</a> to its website and portfolio.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/81f63170-6807-4e8a-9d57-006ece718d14.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Grayscale GBTC holdings. Source: Coinglass
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Market observers have continued to speculate when GBTC may see the end of its “Bitcoin bleed.” 
GBTC <a href="https://cointelegraph.com/news/grayscale-gbtc-outflows-reach-7b-when-will-it-stop"></a><a href="https://cointelegraph.com/news/grayscale-gbtc-outflows-reach-7b-when-will-it-stop">outflows slowed in late January and February</a>, leading some analysts to suggest that they could be <a href="https://cointelegraph.com/news/grayscale-gbtc-outflows-slow-for-second-day">coming to an end</a>. However, in mid-February, <a href="https://cointelegraph.com/news/genesis-gbtc-shares-bankruptcy-court">bankruptcy courts allowed crypto lender Genesis</a> to liquidate roughly $1.3 billion worth of GBTC shares as part of efforts to reimburse investors.
Bloomberg ETF analyst <a href="https://cointelegraph.com/news/bitcoin-price-down-39k-grayscale-gbtc-bleeding-outflow">Eric Balchunas previously speculated</a><a href="https://cointelegraph.com/news/bitcoin-price-down-39k-grayscale-gbtc-bleeding-outflow"></a> the bleeding would stop once GBTC bleeds 25% of its outstanding shares. However, a self-selected poll on X had most respondents speculating it would happen in the 35–50% range.&nbsp;
<h2 data-ct-non-breakable="true" id="new-nine-etfs-continue-to-pump">“New Nine” ETFs continue to pump</h2>
Meanwhile, the nine other spot Bitcoin ETFs have continued to exceed expectations amid a sustained Bitcoin rally. 
Data shows that March 4 was the second-largest volume day for the 10 spot <a href="https://cointelegraph.com/learn/bitcoin-etfs-a-beginners-guide-to-exchange-traded-funds">Bitcoin ETFs</a>&nbsp;with around $5.5 billion, <a href="https://twitter.com/EricBalchunas/status/1764763178368463267" target="_blank" rel="noopener nofollow">confirmed</a>&nbsp;Balchunas.
BlackRock’s IBIT had <a href="https://cointelegraph.com/news/nine-spot-bitcoin-etfs-see-2b-volume-two-days-straight">around $2.4 billion in daily volume</a><a href="https://cointelegraph.com/news/nine-spot-bitcoin-etfs-see-2b-volume-two-days-straight"></a>, and its assets under management figure has now exceeded $11 billion. 
Each of the new ETFs is also up over 30% in volume in six days, “which will prob help keep the flow ball rolling,” added Balchunas. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/5561d77f-9f17-49a9-8b14-7929d124e44f.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF daily volumes. Source: X/@EricBalchunas
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Related: <a href="https://cointelegraph.com/news/blackrock-bitcoin-etf-10-billion-aum-beating-first-gold-spdr">First gold ETF took 2 years to hit $10B, this Bitcoin ETF did it in 2 months</a>
March 4 was also a record day for Fidelity inflows, with $404.6 million, according to preliminary data from Farside Investors. “Fidelity has more than offset the GBTC outflow on its own,” it <a href="https://twitter.com/FarsideUK/status/1764827865575518375" target="_blank" rel="noopener nofollow">stated</a>. 
The Bitwise Bitcoin ETF also had a solid day with $91 million of inflows, its highest since Feb. 15. 
Asia Express: <a href="https://cointelegraph.com/magazine/3acs-worldcoin-windfall-china-crypto-map-spies-asia-express/">3AC’s $700M Worldcoin windfall, China vs the crypto spies</a>

Grayscale’s GBTC Bitcoin holdings have fallen 33% since its conversion

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