Posted 2/26/2024, 9:21:25 PM
Grayscale Bitcoin Outflows Hit 45-Day Low as Investors Favor Cheaper Rivals
- Outflows from Grayscale's Bitcoin Trust (GBTC) slowed after a brief spike last week, reaching new lows since converting to an ETF in January
- GBTC saw $44.2 million in outflows on Friday, the lowest daily outflow in 45 days
- GBTC has suffered $7.4 billion in losses since becoming an ETF on Jan 11 as investors prefer cheaper Bitcoin ETFs from BlackRock and Fidelity
- Genesis, a bankrupt crypto lender approved to sell $1.6 billion in GBTC shares, is a likely source of recent selling pressure
- BlackRock's Bitcoin ETF broke a record with over $1 billion in daily trading volume, placing it among the top 11 ETFs overall