Grayscale Bitcoin ETF (GBTC) has continued its exit spree with $30 million in outflows in the last 24 hours. Last week, outflows heightened due to the wider market correction but with daily gains today, general ETF outflows were in moderation. Bitcoin price picked up today with the wider market notching a 0.9% inflow.
Grayscale Bitcoin ETF Record Outflows
Grayscale sold 490 Bitcoin worth approximately $30 million taking total exits to 340,000 BTC since the launch of spot ETFs in the United States. This follows the trend of the fund marking higher outflows than newly launched spot ETFs. Last week, Grayscale saw losses of $150 million and $450 million in 30 days.
This year, the fund has sold over 18,000 Bitcoin but still holds 29,331 BTC on its sheet maintaining the top spot. BlackRock and other issuers recorded improved volumes as activities picked up. The major reason for investors selling Grayscale and switching to other issuers is because of its price. New ETFs like BlackRock cha
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