GBTC Outflows Reach $182 Million, Marking the Eighth Consecutive Day of Decline, Indicating a Slowing Trend in Fund Outflows and Weakening Impact on Bitcoin Prices.
(Previous Summary: Morning Report on Coin Market: BlackRock’s Spot ETF “IBIT” Surpasses GBTC in Daily Trading Volume, Bitcoin Soars to $43,400)
(Background Supplement: GBTC Outflows Decline for Three Consecutive Days! JP Morgan Analyst: Bitcoin’s Decline May Come to a Halt)
Table of Contents:
GBTC Outflows Continue to Decrease
Grayscale Holdings Reduced by 4,433 BTC
Decreased GBTC Sales, Bitcoin Prices Continue to Fluctuate at High Levels
The US Bitcoin Spot ETF is Approaching its 15th Day of Listing, with the Good News that GBTC Outflows are Continuing to Slow Down, and Daily Trading Volume is Now Surpassed by BlackRock’s IBIT for the First Time.
In terms of fund outflows, according to statistics from BitMEX Research, GBTC saw outflows of $182 million yesterday, totaling 140,195 BTC outflows so far, with a value of approximately $5.832 billion.
From the table below, it can be seen that the trend of GBTC outflows has gradually decreased over the past eight days (except for a slight increase on the 30th), since reaching a peak outflow of $640 million on the 22nd.
(Source: BitMEX Research)
According to information from the official website of Grayscale GBTC, as of yesterday, the asset under management (AUM) of GBTC was approximately $20.741 billion (non-GAAP), with a holding of about 482,600 BTC, a decrease of approximately 4,433 BTC from the previous day. The circulating shares have decreased to 540,120,100 shares, with each share holding a slightly decreased amount of 0.00089349 BTC.
(Source: Grayscale GBTC Official Website)
The outflows from GBTC not only put pressure on the price of Bitcoin but also emotionally impact investors’ short-term outlook on Bitcoin. Therefore, at the beginning of the listing of the Bitcoin Spot ETF, the price of Bitcoin briefly dropped below $39,000.
However, as the outflows from GBTC slowed down and the Bitcoin Spot ETF showed a net inflow trend from the 26th to the 31st, the selling pressure on Bitcoin and negative sentiment from investors have eased, reducing the impact of GBTC on Bitcoin prices.
However, it is still worth noting that the total trading volume of the Bitcoin Spot ETF dropped to $924 million yesterday, the first time it fell below $1 billion since its listing, which may indicate a declining willingness to purchase among investors.
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