Never before have the 10 Bitcoin ETFs in the US experienced such large outflows in a single trading day as they did this week. According to data from Farside Investors, there was a net outflow totaling more than USD 326.2 million. The Grayscale Bitcoin Trust was primarily responsible for this, losing another USD 443.5 million after setting a negative record on Monday. As a result, the former pioneer's market share continues to decline and now stands at 44 percent.

The trend reversal highlights one thing in particular: when the major Bitcoin ETF issuers buy on behalf of their clients, these bitcoins are not literally "permanently removed from the market". Instead, BlackRock and Co. can unwind their Bitcoin holdings just as quickly at the request of the same investors, just as they do with stock, gold or bond ETFs. This is a fundamental difference from MicroStrategy, as Michael Saylor's "Bitcoin development company" owns the assets itself and pursues a long-term plan with its purchases. The company recently struck again, bringing an impressive 214,246 BTC to its balance sheet.

Will Grayscale soon run out of Bitcoin?

If the current trend continues, Grayscale's BTC reserves will soon be depleted. If GBTC continues to drain as much Bitcoin every day as it did yesterday, the trust fund will run out of money around May. But even if the average net outflow of $274.2 million is extrapolated, things look bleak at the beginning of summer. Not surprisingly, Grayscale is now taking action and offering investors the prospect of a cost cut. The CEO of the digital asset manager commented on this to CNBC, even though he has not yet mentioned a specific figure. Overall, he was surprisingly optimistic given the difficult situation:

"We are pretty much at the end of the first phase of the game, in which hopefully the pent-up demand has been satisfied."

The relatively high fees of 1.5 percent are seen as the main reason for the huge outflow of capital from the Grayscale ETF. By comparison, none of the nine other Bitcoin ETF providers charges more than 0.3 percent in fees. In total, the fund has recorded outflows of nearly $12.9 billion in the 49 trading days since SEC ETF approval. BlackRock and its iShares Bitcoin Trust, which already owns more than 237,000 Bitcoin, giving it a 28.4 percent market share, can be considered the main beneficiary. The financial giant's Bitcoin ETF has so far recorded net inflows on all trading days only. It is probably only a matter of time before BlackRock knocks Grayscale's rival product off its throne.