GBTC daily outflows hit a low of $17 million as Grayscale CEO expects ‘balance’
Daily net outflows from Grayscale Investments’ spot Bitcoin exchange-traded fund (GBTC) hit a record low of $17.5 million on Wednesday, according to data from SosoValue.
GBTC recorded net outflows totaling more than $450 million on Monday and Tuesday, with cumulative outflows over the past three months totaling more than $15 billion as of Wednesday. small value The data showed.
“Reducing GBTC outflows is a bullish signal for the cryptocurrency as it reduces ongoing selling pressure on BTC,” Nick Ruck, COO of ContentFi Labs, told The Block.
On Wednesday, Fidelity’s spot Bitcoin ETF recorded net inflows worth $76.3 million, while Bitwise’s Bitcoin ETF added $24.3 million to the fund. According to SosoValue, Ark Invest’s ARKB recorded net inflows of $7.3 million, bringing total daily net inflows for U.S. spot Bitcoin ETFs to $90 million. BlackRock’s IBIT data was not updated at press time.
Grayscale Investments CEO Michael Sonneshein said Wednesday that the company’s funds are starting to reach “equilibrium” amid outflows. Reuters. He added that this follows a period of significant capital outflows triggered by a combination of conversion transactions and settlements from insolvencies such as FTX.
“GBTC flows appear to have bottomed out due to rumors that many forced sellers have run out,” Benjamin Stani, director of business development at Matrixport, told The Block. GBTC leak.
Still, Stani noted that weekly flows for the ETF have been volatile since its debut, so outflows could increase back to previous levels. “I want to bring some caution to this data point because it’s important to remember that we’ve been seeing a slowdown for several weeks previously.”
“Of course we will find a balance at some point and Sonnenshein’s comments suggest we are close, so I think the market is taking it more seriously this time,” Stani said.
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