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<a href="https://bitcoinworld.co.in/grayscales-bitcoin-trust-gbtc-saw-lowest-outflow-of-44-2m-since-etf-approval/" title="Grayscale’s Bitcoin Trust (GBTC) Saw Lowest Outflow of $44.2M Since ETF Approval" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400">Withdrawals on Grayscale’s Bitcoin Trust (GBTC) have <a href="https://twitter.com/BitMEXResearch/status/1761307758173851758" rel="noopener noreferrer nofollow">reached</a> their lowest point since its conversion to an ETF in January, with daily outflow dropping to $44.2 million on February 23.</li>
</ul>
Despite ongoing outflows, Grayscale’s Bitcoin Trust (GBTC) appears to be bleeding slower.&nbsp;
Withdrawals have reached their lowest point since its conversion to an ETF in January, with daily amounts dropping to $44.2 million on February 23.
This slowdown comes after significant outflows earlier in the year.&nbsp;
By the end of January, GBTC had witnessed over $5.64 billion in withdrawals, including a single-day exit of $640 million.&nbsp;
So far in February, outflows have totaled around $1.8 billion, bringing the overall figure since inception to $7.4 billion.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/wp-admin/post.php?post=66797&amp;action=edit" aria-label="“Zcash Jumps 20% After Grayscale’s Privacy-Based ETF Move” (Edit)" rel="noopener noreferrer nofollow">Zcash Jumps 20% After Grayscale’s Privacy-Based ETF Move</a>
However, these outflows seem to be favoring competing Bitcoin ETFs. BlackRock’s IBIT, for instance, has attracted over $6.6 billion in investments since its launch, followed by Fidelity’s FBTC with $4.7 billion.
The arrival of spot Bitcoin ETFs offered existing GBTC holders the option to convert and redeem their shares, which is seen as a key reason for the initial outflow surge.&nbsp;
Additionally, the lower fees of competing ETFs, some charging as little as 0.19% compared to GBTC’s 1.5%, have enticed investors to rebalance their portfolios.
The recent court approval for bankrupt crypto firm Genesis to sell $1.3 billion in GBTC shares to repay creditors adds another layer of complexity.&nbsp;
While the future trajectory of GBTC remains uncertain, the slowed outflow pace suggests a potential stabilization.
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Grayscale’s Bitcoin Trust (GBTC) Saw Lowest Outflow of $44.2M Since ETF Approval

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