Grayscale Bitcoin Trust Sees Lower Outflows as Interest in Bitcoin ETFs Soars
GBTC outflows drop as Bitcoin ETFs like IBIT and FBTC attract unprecedented interest
Grayscale Bitcoin Trust (GBTC) saw its outflows drop to $82 million, less than ARK 21Shares (ARKB), which experienced $87.5 million in outflows, as per Coinglass.
This marks the first time GBTC had lower outflows since spot Bitcoin ETFs were introduced on April 2. Information on other ETFs like IBIT and FBTC was not available.
GBTC's reduction in outflows is significant against its backdrop of $15 billion in total outflows since inception. Meanwhile, the spot Bitcoin market has enjoyed over $12 billion in net inflows overall.
The last week of March alone saw more than $800 million in inflows into spot Bitcoin ETFs, with trading volumes reaching $111 billion in March, a substantial rise from earlier in the year.
The popularity of BlackRock and Fidelity's Bitcoin ETFs, IBIT and FBTC, surged, drawing unprecedented investment. These ETFs outshone many others, capturing a significant portion of the year's net inflows, with IBIT noted as the fastest-growing ETF in history.
Both ETFs have recorded continuous cash inflows for 52 days, showcasing strong and sustained investor interest.
Despite market fluctuations, the ongoing investment indicates a resilient and strategic investor base, demonstrating long-term confidence in Bitcoin.
This challenges the notion that ETF investors might pull back during market dips, highlighting their strategic patience and trust in the cryptocurrency market.
