GBTC Experiences Its Largest Daily Drain Yet, Nearly 239,000 BTC Gone in Under 70 DaysAccording to the latest statistics, Grayscale’s Bitcoin Trust (GBTC) experienced its most significant outflow on March 18, 2024, totaling $643 million. Onchain experts have closely observed GBTC’s activities as a considerable number of bitcoin have been moved out of the trust’s reserves.Record-Breaking Outflow Hits Grayscale Bitcoin TrustGrayscale has continued to face outflows, marking its largest on March 18, 2024, with $643 million withdrawn. The day saw a cumulative volume of about $4.19 billion across all ten spot bitcoin ETFs, with Blackrock leading in terms of volume, amassing $2.02 billion on Monday.
GBTC accounted for $1.06 billion of the total, while the remainder was distributed among the day’s other volumes. On Jan. 12, 2024, GBTC’s holdings amounted to 617,079.99 BTC, but since then, it has shed 238,910.62 BTC, valued at $15.4 billion. Just two days prior, GBTC reduced its bitcoin holdings from 380,240.68 BTC to the present figure of 378,169.37 BTC.
GBTC Experiences Its Largest Daily Drain Yet, Nearly 239,000 BTC Gone in Under 70 Days
This indicates a decrease of 2,071.31 BTC in GBTC’s bitcoin assets since the weekend. Furthermore, on Monday, Grayscale’s CEO Michael Sonnenshein shared in a discussion with CNBC that the ETF management fees for GBTC are expected to decline over time.
“I’ll happily confirm that, over time, as this market matures, the fees on GBTC will come down,” Sonnenshein told the CNBC newsdesk. Grayscale additionally announced last week their intention to introduce a smaller-scale version of GBTC, pending regulatory approval. During the conversation, CNBC inquired whether Grayscale anticipated the outflows.
“Of course, we anticipated having outflows,” Sonnenshein remarked. “Investors have been wanting to either take gains on their portfolio, or arbitragers coming out of the fund, or people unwinding positions that were part of bankruptcies through forced liquidation.”
Source: https://news.bitcoin.com/gbtc-experiences-its-largest-daily-drain-yet-nearly-239000-btc-gone-in-under-70-days/
