According to Farside Investors, Grayscale Investments’ Bitcoin Trust (GBTC) faces continued investor redemptions, with $20.8 million withdrawn on Monday. This brings the total net outflows since its ETF conversion in January to over $20 billion. Investors are rapidly shifting away from GBTC as competition intensifies in the market.
Six months after Bitcoin spot ETFs were launched, BlackRock has become the largest BTC ETF fund globally, with over $20 billion in assets under management. BlackRock’s iShares Bitcoin Trust (IBIT) now holds $19.68 billion worth of BTC, overtaking Grayscale’s BTC Trust, which remains under pressure from outflows.
The pace of outflows from GBTC has slowed. Data shows that the first $10 billion was withdrawn within two months of its ETF conversion, while the next $10 billion took six months. Data shows that GBTC’s Bitcoin holdings have decreased to approximately 222,170 BTCs, valued at $12.8 billion, reflecting investor migration to other funds.
Bitcoin ETFs Boost Crypto Investment Growth
Despite Grayscale’s recent outflows, the outlook for U.S. Bitcoin ETFs remains optimistic. On Monday, these ETFs secured a net capital inflow of $12.8 million. BlackRock’s IBIT alone brought in $15.8 million, while leading BTC ETFs from Fidelity, Franklin Templeton, and VanEck each received approximately $5 million. Grayscale also attracted $2.8 million.
Experts have been predicting this outcome, noting BlackRock’s advantage in offering lower fees than Grayscale. As the world’s largest asset manager, BlackRock enjoys a strong reputation and high-profile clientele, which contribute to its success. Both ETFs have become one of the most successful categories, gathering over $58.5 billion in assets.
BTC currently boasts a market capitalization of approximately $1.16 trillion, cementing its position as the leading cryptocurrency. Over the past 24 hours, its trading volume has reached $27.98 billion, representing a 5.72% increase.
The coin’s market cap has experienced a modest rise of 0.07%, while its price stands at $58,857.05, showing a slight daily change of 0.10%. BTC’s volume-to-market cap ratio is 2.41%, reflecting its liquidity and trading activity in the market.
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