March 27, 2024
GBTC Records Lowest Outflow, Boosting Bitcoin Confidence
Bitcoin News

GBTC Records Lowest Outflow, Boosting Bitcoin Confidence

Grayscale’s Bitcoin (BTC) ETF experiences a third consecutive day of decreasing net outflows, reaching a record low of $22.4 million, while other ETFs see a two-week net inflow high. Farside Investor data for Feb. 26 reveals three consecutive days of diminishing outflows for Grayscale Bitcoin Trust (GBTC), with a daily net outflow of $44.2 million on Friday, halving on Feb. 26.

However, since its shift to an ETF on Jan. 11, Grayscale has witnessed 31 consecutive days of outflows, totaling $7.47 billion drained from the ETF. Blockstream CEO Adam Back anticipates the day GBTC shows an inflow, suggesting it’s possible with the right premium to incentivize ETF arbitrage.

Henrik Andersson, CIO at Apollo Crypto, agrees, stating that Grayscale’s fund recording a net inflow would signal a significant event in the market.

On Feb. 26, Farside’s data shows that all Bitcoin ETFs, excluding Invesco and Galaxy, collectively experienced net inflows of $515.5 million—the highest in two weeks. Despite a combined net inflow of $631.3 million on Feb. 13, these ETFs faced challenges in sustaining momentum, witnessing a net outflow of $35.6 million on Feb. 21.

Fidelity’s ETF dominates inflows on Feb. 26, surpassing $243 million, almost half of the day’s net total. This marks the second-highest inflow day for FBTC, following Jan. 17. The remaining positive flow originates from BlackRock’s ETF, along with ARK Invest and 21Shares fund, totaling $112 million and $130.5 million, respectively.

The dynamic trends in Grayscale’s ETF and the broader Bitcoin ETF landscape highlight the fluctuating investor sentiment and the ongoing evolution of digital asset investment instruments. As the market responds to these shifts, investors closely watch for signals that could impact the trajectory of Bitcoin-related investment products.

Image by freepik

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