Solana

Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

On March 11, Grayscale Bitcoin Trust (GBTC) saw a substantial withdrawal, with $494 million worth of Bitcoin, approximately 6,850 BTC, leaving the fund.&nbsp;
BitMEX Research initially <a href="https://twitter.com/BitMEXResearch/status/1767323592214073569?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1767323592214073569%7Ctwgr%5E72bd87d0d940025bdaeff9fcd4c126c9750301ce%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptopotato.com%2Fgrayscale-sees-huge-bitcoin-etf-outflow-but-record-inflow-for-vaneck%2F" target="_blank" rel="noopener noreferrer nofollow">labeled</a> this exodus a record outflow. However, they later <a href="https://x.com/BitMEXResearch/status/1767325444360049123?s=20" target="_blank" rel="noopener noreferrer nofollow">clarified</a> that it was a historic high in terms of the Bitcoin price. The assertion from BitMEX faced <a href="https://x.com/btc_banksy/status/1767325263124197810?s=20" target="_blank" rel="noopener noreferrer nofollow">scrutiny</a> as GBTC had previously seen outflows <a href="https://www.bloomberg.com/news/articles/2024-01-29/global-crypto-assets-report-500-million-in-weekly-outflows" target="_blank" rel="noopener noreferrer nofollow">surpassing</a> $500 million during five days in January and again on February 29.&nbsp;
These figures are part of a broader trend of <a href="https://crypto.news/grayscale-transfers-175-million-bitcoin-coinbase/" rel="noopener noreferrer nofollow">diminishing holdings</a> for Grayscale, which have declined by 36% since the trust transitioned into a spot Exchange-Traded Fund (ETF) in January. Before this change, Grayscale’s Bitcoin stash was about <a href="https://www.coinglass.com/Grayscale" target="_blank" rel="noopener noreferrer nofollow">620,000 BTC</a>, a figure that has since decreased to 395,744 BTC, now valued at approximately $28.5 billion according to the latest prices.
Since its transformation into a spot ETF, GBTC has witnessed consistent outflows, reaching a total of $9.26 billion, as previously <a href="https://crypto.news/grayscales-gbtc-sees-33-reduction-in-bitcoin-holdings-amid-9-26b-outflows/" rel="noopener noreferrer nofollow">reported</a> by Crypto.news. The new structure of the ETF has enabled investors to redeem shares for Bitcoin directly, a feature not available in its previous format. This shift, coupled with GBTC’s higher fees <a href="https://crypto.news/asset-managers-cut-fees-for-european-bitcoin-etfs-as-competition-grows/" rel="noopener noreferrer nofollow">compared to competitors</a> such as BlackRock’s IBIT and Fidelity’s FBTC, has contributed to the ongoing outflows.
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Despite the substantial withdrawals, the net flow to all ETFs has been <a href="https://twitter.com/EricBalchunas/status/1765121689036427654?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1765121689036427654%7Ctwgr%5Eb7550a45b2230c19e7f7fccb9e91d173674c84da%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptopotato.com%2Fnew-bitcoin-etfs-hit-10b-in-record-trading-volume-day%2F" target="_blank" rel="noopener noreferrer nofollow">predominantly positive</a> since February, with only two days of net negative flow. Competitors like BlackRock and Fidelity have seen increased inflows of Bitcoin, in stark contrast to Grayscale’s outflows. Notably, VanEck’s spot Bitcoin ETF, HODL, saw a <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener noreferrer nofollow">record inflow</a> of $119 million on March 11, following the announcement of a temporary <a href="https://twitter.com/vaneck_us/status/1767227350108794991" target="_blank" rel="noopener noreferrer nofollow">fee reduction</a>. Additionally, Fidelity’s FBTC fund and Bitwise’s BITB reported inflows of $215 million and $50 million, respectively.
On the contrary, the <a href="https://t.co/ivk6u5huj5" target="_blank" rel="noopener noreferrer nofollow">Grayscale Solana Trust</a> (GSOL) saw its secondary market price reach a peak of $540 on March 8, with a premium rate of 873%, indicating a significant discrepancy between the market price and the Net Asset Value (NAV). This unusual spike has s<a href="https://x.com/martypartymusic/status/1766857443131474381?s=20" target="_blank" rel="noopener noreferrer nofollow">parked discussions</a> among investors, with some attributing it to potential institutional activities, notably involving <a href="https://crypto.news/pantera-capital-eyes-ftxs-solana-assets-at-40-markdown/" rel="noopener noreferrer nofollow">Pantera Capital and its dealings</a> with staked Solana (SOL) assets. This situation has led to speculation about the reasons behind the GSOL’s market performance and the possibility of undisclosed institutional information.
Read more: <a href="http://SEC delays spot Bitcoin ETF options request until April 4" target="_blank" rel="noopener noreferrer nofollow"> SEC delays spot Bitcoin ETF options request until April 4 </a>

Grayscale outflows continue as Bitcoin Trust sees $494 million withdrawal

crypto.news

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