Grayscale Bitcoin ETF GBTC Suffers Steady Bitcoin Outflows

• Since the Bitcoin ETF debuted in January, GBTC outflows have topped a stunning $16.2B.
• A whopping $767 million has been drained from the GBTC this week.

With little sign of reducing anytime soon, Grayscale Bitcoin ETF GBTC’s Bitcoin holdings are steadily dwindling. After the fund lost more than 2,500 Bitcoin on Friday, April 12, the withdrawals from GBTC soared beyond $166 million. Farside Investors reports that since the Bitcoin ETF debuted in January of this year, GBTC outflows have topped a stunning $16.2 billion.

Daily withdrawals from the Grayscale Bitcoin ETF GBTC have fluctuated throughout April, ranging from $75 million to $300 million. But generally, Bitcoin ETF inflows have been rather modest, suggesting that investor interest is waning.

Persistent Selling Pressure

However, a whopping $767 million has been drained from the GBTC this week. As a result, GBTC has significantly dampened the overall inflow into Bitcoin ETFs this week.

Contrarily, BlackRock has maintained its position, with $15 billion worth of assets under management for the IBIT Bitcoin ETF. Thus, the disparity between BlackRock and Grayscale in terms of Bitcoin reserves has been significantly narrowed. BlackRock has likely been receiving the lion’s share of the GBTC outflows.

The CEO of Grayscale, Michael Sonnenshein, hinted earlier this week that investor selling of Grayscale Bitcoin Trust (GBTC) shares may be leveling down after a while.

His comments have given traders and investors reason to be hopeful, as they suggest that the market’s persistent selling pressure may soon be balanced out by purchasing demand once outflows perhaps achieve a balance. But the facts as they stand now show it to be completely false.

At the time of writing, Bitcoin is trading at $67,196, down 1.92% in the last 24 hours as per data from CoinMarketCap. The crypto market has been trading in red ahead of the impending halving this month.

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