Ethereum

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Bitcoin ETF

Bitcoin

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Asset management firm Grayscale Investments recorded over $20.4 billion in outflows from its spot Bitcoin and Ether exchange-traded funds (ETFs) combined.
The Grayscale Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) Trust ETF (GBTC) has lost an average of approximately 137.7 million daily in almost seven months since its launch on Jan. 11. As of July 29, GBTC recorded a total outflow of $18.86 billion.
In contrast, all other nine Bitcoin ETFs that were simultaneously approved in the United States maintain a positive balance, as shown below.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/6a4037b5-f4bd-4ee3-a91a-b13e2604e163.jpeg" alt="Grayscale sheds $20B from Bitcoin and Ether ETFs">
 <figcaption style="text-align: center;">Bitcoin ETF inflow and outflow of investments in the United States. Source: <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener noreferrer nofollow">Farside Investors</a>
 </figcaption>
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Out of the lot, BlackRock’s iShares Bitcoin Trust (IBIT) tops the leaderboard with the highest investment, currently holding $19.93 billion worth of investments. Other prominent holders include Fidelity Wise Origin Bitcoin Fund (FBTC) at $9.9 billion, Cathie Wood’s ARK 21Shares Bitcoin ETF (ARKB) at $2.6 billion and Bitwise Bitcoin ETF (BITB) at $2.09 billion.
Check out Cointelegraph’s guide to <a href="https://cointelegraph.com/news/what-is-a-cryptocurrency-etf-and-how-does-it-work" rel="noopener noreferrer nofollow">learn more about how cryptocurrency ETFs work</a>.
The newly launched Grayscale Ethereum Trust (ETHE) showcased a performance comparable to GBTC in terms of investment outflows.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/800e6a42-7f8b-4ee1-8487-8b585edcbf2d.jpeg" alt="Grayscale sheds $20B from Bitcoin and Ether ETFs">
 <figcaption style="text-align: center;">Ethereum ETF inflow and outflow of investments in the United States.&nbsp;Source: <a href="https://farside.co.uk/?p=1518" target="_blank" rel="noopener noreferrer nofollow">Farside Investors</a>
 </figcaption>
</figure>
The Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>)&nbsp;fund lost $1.72 billion in five days, bringing up Grayscale’s total crypto ETF outflows to $20.58 billion. In the process, Grayscale shed 18.7% of its initial seed funds of nearly $9.2 billion.
Related: <a href="https://cointelegraph.com/news/sec-approves-grayscale-bitcoin-mini-trust-for-trading-nyse-arca" rel="noopener noreferrer nofollow">SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE Arca</a>
On July 30, Steno Research senior analyst Mads Eberhardt claimed that massive outflows from the Grayscale’s ETHE should subside by Aug. 2. However, Eberhardt sees the strong early outflows as a reason for bullishness in the short term.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/25d3469e-88eb-4804-abb9-734991a4857b.png" alt="Grayscale sheds $20B from Bitcoin and Ether ETFs">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/MadsEberhardt/status/1817846559825965497" target="_blank" rel="noopener noreferrer nofollow">Mads Eberhardt</a>
 </figcaption>
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“The Grayscale Bitcoin ETF outflow subsided significantly following the eleventh trading session,” he said.
<blockquote data-ct-non-breakable="true">
 “Since the Grayscale Ethereum ETF has experienced a much higher outflow relative to AUM [assets under management], we believe that peak outflow will occur sometime this week.”
</blockquote>
Pseudonymous trader Evanss6 echoed Eberhardt’s view by comparing the launch of spot BTC and ETH ETFs side-by-side.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/3311cee3-1154-4996-ba32-339932413d1b.png" alt="Grayscale sheds $20B from Bitcoin and Ether ETFs">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/Evan_ss6/status/1818024464736731149" target="_blank" rel="noopener noreferrer nofollow">Evanss6</a>
 </figcaption>
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According to Evan, the outflows from Bitcoin ETFs bottomed on the seventh trading day, and the bottom occurred when cumulative GBTC outflows reached 13.2% of the original fund, adding that Bitcoin proceeded to “rip [approximately] 92% in 50 days” following the bottoming of GBTC outflows.
Magazine: <a href="https://cointelegraph.com/magazine/ethereum-ico-blockchain-forensics-double-spending-debate/" rel="noopener noreferrer nofollow">Decade after Ethereum ICO: Blockchain forensics end double-spending debate</a>

Grayscale sheds $20B from Bitcoin and Ether ETFs

Cointelegraph

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