Grayscale Bitcoin Trust (GBTC) Experiences Outflows
Since the introduction of spot Bitcoin ETFs earlier this year, GBTC has seen a significant decrease in its Assets Under Management (AUM), which currently stands at $23.7 billion. Despite being a leading player in the market, Grayscale’s market share has been diminishing.
Decline in GBTC Market Share
Data from Kaiko shows that between January 11-21, GBTC dominated the spot ETF market with over 50% of trade volumes. However, its share has dropped to around 30% in recent weeks.
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Expected Recovery of GBTC Outflows
FalconX believes that the selling pressure causing the outflows is likely to dissipate quickly. Recent trends suggest that this flow is expected to exhaust itself soon.
Comparison with Competitors
According to Apollo’s data, GBTC currently holds an impressive 461,983 BTC. In comparison, BlackRock holds 105,280 BTC, Fidelity has 79,752 BTC, and Ark/21 Shares and Bitwise hold 22,965 BTC and 18,887 BTC respectively.
