Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Grayscale ETFs Face Unprecedented Outflows

Grayscale ETFs Face Unprecedented Outflows

Cryptodnes2024/07/30 19:15
By:Cryptodnes

Grayscale Investments has seen over $20.4 billion in outflows from its Bitcoin and Ethereum ETFs.

Since launching on January 11, the Grayscale Bitcoin Trust ETF (GBTC) has faced average daily withdrawals of about $137.7 million, accumulating $18.86 billion in total outflows by July 29.

Grayscale ETFs Face Unprecedented Outflows image 0

In contrast, the nine other U.S.-approved spot Bitcoin ETFs are seeing positive inflows. BlackRock’s iShares Bitcoin Trust (IBIT) leads with $19.93 billion in assets, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) at $9.9 billion, ARK 21Shares Bitcoin ETF (ARKB) with $2.6 billion, and Bitwise Bitcoin ETF (BITB) with $2.09 billion.

The newly launched Grayscale Ethereum Trust (ETHE) has also faced significant outflows, losing $1.72 billion in just five days. This has contributed to a total of $20.58 billion in outflows across Grayscale’s crypto ETFs, reducing their initial investments by 18.7%.

READ MORE:
Who is the Real Enemy of Bitcoin and Humanity?

Mads Eberhardt of Steno Research expects the large outflows from ETHE to taper off by August 2. He notes that while initial outflows have been high, they might indicate a positive short-term trend.

SHARE: SHARES
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!