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News - Grayscale Bitcoin Trust loses $640 million in one day
The Grayscale Bitcoin Trust (GBTC) continues to lose millions of dollars in capital - and continues to put pressure on the BTC price.
According to Bloomberg analyst James Seyffart, yesterday, Jan. 22, was a bad day for Bitcoin spot ETFs.
About $640 million flowed out of the Grayscale Bitcoin Trust (GBTC) in one trading day. Despite the huge outflow, the ETFs have so far generally been a great success. After just three trading days, the total volume of Bitcoin ETFs had already reached $10 billion.
Woof. BAD day for #Bitcoin ETFs overall in the Cointucky Derby. $GBTC saw over $640 million flow out today. Outflows aren't slowing -- they're picking up. This is the largest outflow yet for GBTC. Total out so far is $3.45 Billion. (Don't have BlackRock data yet) pic.twitter.com/jNOyiTADVq
— James Seyffart (@JSeyff) January 23, 2024
Despite the huge outflow, ETFs have been a great success so far. After just three trading days the total volume of Bitcoin ETFs had already reached $10 billion.
Bloomberg analyst Eric Balchunas calls this an "insane" amount. By comparison, the 500 ETFs launched the year before had a combined volume of $450 million.
Bitcoin critic Peter Schiff is skeptical: "All BTC ETFs are currently in a bear market."
At the time of writing, BTC is trading at $40,015. Read this article to find out why the price refuses to rise despite the ETF's obvious success.
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