Grayscale’s Spot Bitcoin ETF Sees Outflows
A recent analysis of Bloomberg Intelligence data reveals that Grayscale Investments’ spot Bitcoin ETF is experiencing a return in bearish sentiment. Specifically, Grayscale’s GBTC has seen outflows amounting to $101.6 million, surpassing the $100 million threshold. This comes as a surprise since earlier reports indicated that GBTC outflows had dropped to a record low.
Previously, on February 7, BitMEX Research noted that total inflows for 10 Bitcoin ETFs had decreased to just $33.7 million, with Grayscale’s GBTC experiencing a record low net outflow of $72.7 million. However, compared to February 5 when GBTC had net outflows of $107.9 million, the recent figures suggest a gradual reduction in outflows.
This was expected to mark the end of the mass exodus from Bitcoin ETFs and have a positive impact on Bitcoin’s price and the overall crypto market outlook.
Bitcoin Price Surges to $47,000
The current market data contradicts these expectations as GBTC continues to be influenced by bearish sentiment. Meanwhile, the price of Bitcoin has surged to $47,022.01, marking a 4.24% increase in the last 24 hours. This is the highest price point since the approval of spot Bitcoin ETFs by the SEC.
The positive price movement may be attributed to various factors, including the upcoming halving event scheduled for April. Notably, most of the funds lost from GBTC are reportedly being transferred between BlackRock’s IBIT and Fidelity FBTC.
Despite this trend, some analysts maintain an overall optimistic outlook for GBTC. However, Grayscale must consider adopting a robust derivatives ecosystem centered around the underlying ETF to continue leading the market and justifying its high management fee of 1.5%.
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