GBTC's daily outflow from Grayscale amounted to almost $200 million per day
A total of $7.34 billion has been withdrawn from the fund since January 11
On February 21, a net outflow of $199.3 million was recorded from the spot exchange-traded crypto fund (ETF) Grayscale Bitcoin Trust (GBTC) (data from Farside Investors). Trading in shares of ten spot BTC-ETFs in the United States was approved by the SEC securities regulator on January 11. So, since January 11, $ 7.34 billion has been withdrawn from GBTC.
GBTC was launched in 2013 and currently has about $23.5 billion in assets under management. In January, the fund was converted into an ETF, which allowed investors to sell shares of the fund at the value of its net assets.
The Grayscale ETF charges a fee of 1.5% — significantly higher than similar offerings in the United States, where fees range from 0.19% to 0.39%.
Earlier this month, the head of CryptoQuant, Ki Yang Ju, predicted a rise in the BTC exchange rate to $112,000 amid an influx of funds from spot exchange-traded bitcoin funds. He noted that even taking into account the outflow from the GBTC bitcoin trust from Grayscale, an increase of 76 billion could increase the realized volume from 451 to 527-565 billion.
On February 14, bankrupt crypto broker Genesis received court approval to sell 35 million GBTC units worth $1.3 billion as part of efforts to compensate investors.
Source: https://getblock.net/news/grayscales-gbtcs-daily-outflow-amounted-to-almost-200-million-in-24-hours
