Grayscale’s Bitcoin Trust (GBTC), the world’s largest publicly traded Bitcoin investment vehicle, has shown signs of stabilization after experiencing significant outflows in recent months.
According to data from BitMEX Research, GBTC saw its lowest daily withdrawal volume since converting to an exchange-traded fund (ETF) in January, with $44.2 million exiting the trust on February 23. This marks a notable slowdown compared to late January, when the trust witnessed a single-day withdrawal of $640 million, pushing the month’s total outflows to $5.64 billion.
Despite February’s lower outflows of $1.8 billion so far, the cumulative withdrawals since inception remain significant, reaching $7.4 billion. BlackRock’s IBIT spot Bitcoin ETF, in contrast, has attracted over $6.6 billion in investments. Fidelity’s FBTC and ARK 21Shares follow with $4.7 billion and $1.4 billion, respectively.
GBTC has seen significant outflows since its conversion into an ETF, allowing holders to redeem their shares. Previously, GBTC holders had to sell on the secondary market to exit their positions.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/feb/26/
