Bitcoin ETF

Bitcoin

BlackRock

Grayscale’s spot Bitcoin ETF continued a five-day outflow sprint leading to the halving, a code change that occurs every four years to help maintain BTC scarcity. 
Data gathered by <a href="https://sosovalue.xyz/assets/etf" target="_blank" rel="">SoSoValue</a> showed $89.9 million in Grayscale exits, bringing GBTC’s total net outflows to $1.6 billion since trading opened back in January.&nbsp; 
For all 10 spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) ETFs, cumulative outflows were recorded as $4.3 million, as Fidelity and BlackRock garnered demand to offset some of GBTC’s liquidations. Fidelity’s FBTC net inflows came in at $37.3 million, outpacing $18.7 million, boasted BlackRock’s IBIT.&nbsp; 
April 18 marked a rare occurrence where BlackRock was outclassed by a competitor for inflows in the spot BTC ETF market.&nbsp; 
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 <img loading="lazy" decoding="async" width="1024" height="414" src="https://crypto.news/app/uploads/2024/04/Screenshot-405-1024x414.png" alt="Grayscale’s Bitcoin ETF hits $1.6b outflows hours before halving&nbsp; - 20"> 
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 Spot BItcoin ETF flows on April 18 | Source: SoSoValue
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 You might also like: <a href="https://crypto.news/grayscale-bitcoin-etf-options/" rel=""> Grayscale CEO advocates for spot Bitcoin ETF options </a> 
<h2 class="wp-block-heading" id="grayscale-aum-down-50-in-four-months">Grayscale AUM down 50% in four months&nbsp;</h2> 
GBTC may have been the largest spot Bitcoin ETF at launch due to its 10-year headstart, but the BTC-backed investment product has lost huge market share to new players like BlackRock.&nbsp; 
As crypto.news reported, GBTC has <a href="https://crypto.news/grayscales-bitcoin-etf-fund-has-lost-half-of-assets-since-launch/" rel="">declined</a> around 50% in assets under management (AUM) in four months of trading. Grayscale had less than $20 billion in AUM, while BlackRock commands over $17 billion in investor demand.&nbsp; 
Experts like Bloomberg’s Eric Balchunas attributed swathes of GBTC exits to ongoing bankruptcy proceedings like FTX and Genesis. Other observers have also mentioned Grayscale’s industry-high fund fee of 1.5% as another contributing factor to liquidations.&nbsp; 
In response, Grayscale CEO Michael Sonnenshein <a href="https://crypto.news/grayscales-sonnenshein-promises-to-drop-1-5-fees-on-its-spot-bitcoin-etf-over-time/" rel="">shared</a> plans to slash GBTC fees “over time.” The company also <a href="https://crypto.news/grayscale-ethereum-trust-spot-etf/" rel="">proposed</a> a Bitcoin Mini Trust ETF to field lower fees and recapture demand in the market.&nbsp; 
 Read more: <a href="https://crypto.news/grayscale-clo-anticipates-sec-approval-for-spot-ether-etfs-by-may/" rel=""> Grayscale CLO anticipates SEC approval for spot Ether ETFs by May </a>

Grayscale’s Bitcoin ETF hits $1.6b outflows hours before halving

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