Grayscale Investments lost $8.4 billion from the Grayscale Bitcoin Trust (GBTC) since converting it to an exchange-traded fund (ETF) on January 11, 2024. The outflows come as investors eye new products from banks and other financial institutions.

Yesterday’s outflows from the GBTC fund totaled almost $600 million, making February 29 the second largest day of outflows since the US Securities and Exchange Commission approved the ETF. Net outflows from the Grayscale fund now total approximately $8.4 billion. 

Grayscale GBTC Records Outflows as Competition Heats Up

The outflows from Grayscale coincide with increased demand for exchange-traded products from other providers. While investors pulled $610 million from Grayscale alone last week, this was accompanied by inflows of $436 million into other US Bitcoin ETFs. Moreover, more institutions are offering crypto-related funds.

Yesterday, reports surfaced of US banks Wells Fargo & Co and Bank of America launching spot Bitcoin exchange-traded funds for wealth management clients. Early this week, news surfaced of another Wall Street giant, Morgan Stanley, expressing interest in a spot in Bitcoin ETF.  

More crypto-focused firms like Coinbase and Ark Invest could soon launch ETFs for other cryptos like Ripple (XRP), Ethereum (ETH), and Chainlink (LINK). Ripple’s CEO Brad Garlinghouse said he expects more funds to follow the launch of spot Bitcoin ETFs.

Read more: What Are Altcoins? A Guide to Alternative Cryptocurrencies

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Author: David Thomas

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