Grayscale’s GBTC Tops Exit Charts With $90 Million Amid BTC Price Plunge Below $60,000

Grayscale’s GBTC has dominated the recent wave of outflows from local US Bitcoin ETFs, which collectively recorded a total daily net outflow of $174.45 million on Monday.

This marked a week of consecutive negative flows, with Grayscale’s GBTC alone accounting for $90 million of outflows.

No entries through Bitcoin Spot ETFs

Interestingly, BlackRock’s IBIT saw no flow during the day. Similarly, localized Bitcoin ETFs Valkyrie, WisdomTree and Hashdex also reported zero activity, according to data compiled by SosoValue. None of the funds recorded inflows.

After Grayscale, Fidelity’s FBTC and Franklin Templeton’s EZBC saw $35 million and $21 million in net outflows on June 24. Next was VanEck’s HODL, which recorded an outflow of $10 million during the same period, while Bitwise’s BITB recorded $8 million.

Also, Ark Invest and 21Shares’ ARKB fund had outflows of $7 million, followed by Galaxy Digital’s Invesco and BTCO with outflows of $2 million.

Since its conversion in mid-January, GBTC has seen $18 billion in outflows. In contrast, the other ETFs have managed to attract many funds, with some more than others. IBIT is clearly the leader, attracting $18 billion in inflows over the past six months.

FBTC was second with $9 billion in inflows during the same time, followed by ARKB and BITB with $2 billion each.

But bitcoin has been under tremendous pressure of late and is currently near $61.2k. This level is crucial because experts believe a drop could intensify further outflows.

Departures to continue?

Bianco Research president and founder Jim Bianco said more than $14 billion has flowed into spot Bitcoin ETFs since Jan. 11, with an average purchase price of about $60.6K . Bianco suggests that investors have not taken profits at the moment, and if BTC stays below $60.5k, more exits are expected.

He also predicted that the accelerated exits were likely due to panic selling by retail investors and not institutional players.

“Should BTC prices stay below $60.5k, I expect an acceleration of exits. These instruments are dominated by retail Degens, not asset managers or institutional players (hedge funds). These players are driven by short-term momentum and fall (panic) when losses occur.”

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