As outflows from the $20 billion Grayscale Bitcoin Trust slow, crypto sentiments have turned bullish, fueling Bitcoin’s climb back above $42,000.
BTC recorded a significant plunge to reach just under $40,000 as GBTC recorded outflows of around $4.8 billion.
Since the approval and consequential conversion of the Grayscale Bitcoin Trust into an ETF, making it the largest Bitcoin ETF with $20 billion, the ETF has suffered record outflows. The latest data shows a record $4.8 billion has exited the decade-old Bitcoin portfolio. Selling pressure from this outflow led Bitcoin to plunge, dropping under $40,000 last week.
One of the most notable transactions is Cathie Woods’ Ark Invest divesting completely from Grayscale Bitcoin Trust (GBTC) in its ARKW portfolio, opting for a shift towards Bitcoin futures through ProShares’ Bitcoin Strategy ETF ($BITO).
Other ETF providers have enjoyed billions in inflows, with BlackRock leading. Experts have noted that this could be due to its high fees

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