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Grayscale Bitcoin Trust

<p><a href="https://www.cryptopolitan.com/grayscale-offloads-175m-bitcoin-on-coinbase/" rel="noopener noreferrer nofollow">Grayscale</a> Bitcoin Trust (GBTC), a prominent digital asset management firm, experienced another day of substantial outflows from its spot Bitcoin exchange-traded fund (ETF), with over $600 million exiting GBTC on February 29. This marks a total outflow of approximately $8.4 billion since the fund’s inception on January 11.</p>
<h2 class="wp-block-heading" id="outflows-from-grayscale-bitcoin-trust">Outflows from Grayscale Bitcoin Trust</h2>
<p>According to data from Farside Investors, Grayscale witnessed $600 million exiting GBTC on February 29 alone. This significant outflow underscores a growing trend of investors divesting from the trust.&nbsp;</p>
<p>Despite Bitcoin’s recent price surge, Grayscale’s flagship trust has experienced persistent outflows, raising questions about investor sentiment toward the fund.</p>
<p>Conversely, several other Bitcoin ETFs recorded substantial inflows on the same day, indicating varying investor preferences within the digital asset space. Eight ETFs collectively added 14,934 BTC worth $940 million.&nbsp;</p>
<p>Notably, iShares Bitcoin Trust (IBIT) by BlackRock, the world’s largest asset management firm, saw an addition of 10,140 BTC valued at $638 million, followed by Fidelity’s FBTC, which added 4,066 BTC worth $255.9 million.</p>
<h2 class="wp-block-heading" id="grayscale-s-appeal-to-sec-for-options-approval">Grayscale’s appeal to SEC for options approval</h2>
<p>Grayscale Investments has appealed to the United States Securities and Exchange Commission (SEC) to approve options on its spot BTC ETF, citing the need to offer access to a broader range of investors.&nbsp;</p>
<p>Grayscale CEO Michael Sonnenshein expressed concerns over potential discrimination against <a href="https://twitter.com/FarsideUK/status/1763351311397933082" rel="noopener noreferrer nofollow" target="_blank">GBTC</a> shareholders if the SEC rejected options on GBTC. Sonnenshein emphasized that the SEC had previously approved options on Bitcoin futures ETFs, highlighting the inconsistency in regulatory treatment.</p>
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   <p lang="en" dir="ltr">Reported GBTC outflow on 29th Feb 2024 is almost US$600m. This is the 2nd largest outflow day since 11th Jan 2024.<br><br>Total GBTC outflow since 11th Jan 2024 now US$8,406.3m <a href="https://t.co/qI3CJ1fnwr" rel="noopener noreferrer nofollow" target="_blank">https://t.co/qI3CJ1fnwr</a> <a href="https://t.co/qyc7odC30c" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/qyc7odC30c</a></p>— Farside Investors (@FarsideUK) <a href="https://twitter.com/FarsideUK/status/1763351311397933082?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">February 29, 2024</a>
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<h2 class="wp-block-heading" id="record-breaking-btc-etf-trades">Record-breaking BTC ETF trades</h2>
<p>Spot BTC ETFs witnessed a remarkable surge in trading volume on Wednesday, with a staggering $7.69 billion traded, surpassing previous volume records by over one and a half times. This surge in trading activity reflects the growing interest and participation in Bitcoin ETFs as investors seek exposure to the leading cryptocurrency through regulated investment vehicles.<br></p>
<p><a href="https://www.cryptopolitan.com/fomo-has-bitcoin-fear-and-greed-index-at-80/" rel="noopener noreferrer nofollow">Bitcoin</a> continues its upward trajectory, reaching a two-year high earlier this week. According to data from CoinMarketCap, BTC has surged by more than 19% in the past seven days, boasting a market capitalization of $1.2 trillion. This impressive performance reaffirms Bitcoin’s status as one of the most valuable assets globally, attracting attention from both institutional and retail investors.</p>

Grayscale Bitcoin Trust witnesses significant outflows amid record-breaking BTC ETF trades

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