Outflows from the Grayscale Bitcoin Trust (GBTC) have cooled off again after a brief spike in sales last week, reaching new lows since the fund officially converted into an ETF in January. 

On Friday, U.S. Bitcoin spot ETFs saw $232.2 million of net inflows, which included $44.2 million of outflows from GBTC. This followed a day of only $55.7 million of outflows on Thursday, both marking the lowest daily outflows from Grayscale in the past 45 days. 

Grayscale’s fund has suffered non-stop losses after converting into an ETF on January 11, now totaling $7.4 billion. Since GBTC charges a much higher management fee than rival funds controlled by BlackRock and Fidelity, new investors have little reason to buy into Grayscale for Bitcoin exposure, particularly for long-term HODLing. 

Many pre-existing investors in Grayscale also sold their holdings immediately after ETFs went live, cashing out on
Go to Source to See Full Article
Author: Andrew Throuvalas

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details