News - $600 million flows out of the Grayscale ETF

By Mike Hesp

$600 million flows out of the Grayscale ETF

Bitcoin (BTC)
Price update

BTC is falling after the price explosion in recent days. One reason: $600 million has flowed out of the Grayscale Bitcoin Trust (GBTC).

In the past 24 hours, the BTC-price fell by nearly three percent and is trading at $61,345 at the time of writing.

One reason is the huge outflow from the Grayscale Bitcoin Trust (GBTC) on yesterday's trading day. Investors sold $599 million worth of Bitcoin. This is evident from data from Farside Investors.

This is GBTC's second-largest sale since the ETF launched on Jan. 11.

Overall, however, the market closed with positive numbers: Because BlackRock and Fidelity bought $691 million worth of Bitcoin, net inflows were "only" $92 million.

This means that US$8 billion has already flowed out of the GBTC. However, interest from institutional investors is much higher - they have withdrawn more than 300,000 BTC from the market since the ETF was launched.

The recent significant rise in the price of Bitcoin has also likely piqued the interest of other major investors, including U.S. banks Wells Fargo, Morgan Stanley and Bank of America subsidiary Merrill Lynch.

Bloomberg claims to have heard from insiders that bank customers have "specifically asked to invest in Bitcoin ETFs."

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