Bitcoin ETF fever appears to be waning as the amount of BTC being scooped up by funds and institutional investors slows down.
Moreover, the world’s largest crypto asset manager, Grayscale, saw a record outflow of $643 million on March 18. It beats the previous daily outflow record from GBTC of $640 million on Jan. 22.
The new record equates to around 9,600 BTC, according to BitMEX research.
NINE THOUSAND SIX HUNDRED BITCOIN WITHDRAWN FROM GBTC TODAY@cmsholdings https://t.co/NPv51G8wnt
— BitMEX Research (@BitMEXResearch) March 18, 2024
Grayscale Still Bleeding BTC
Grayscale’s Bitcoin holdings have declined almost 40% since its fund was converted to a spot ETF in mid-January. The firm has seen a whopping outflow of around 241,830 BTC over the past ten weeks.
Grayscale held around 620,000 BTC at the beginning of this year, which has now dwindled to 378,169 BTC, according to the company website.
Investors are pulling out of the company because they can finally convert their shares i
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