🚀 Crypto Grayscale’s GBTC Tops Outflow Charts With $90M Amid BTC’s Price Crash Below $60K

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Grayscale’s GBTC has dominated in the recent wave of outflows from US spot Bitcoin ETFs, which collectively recorded a total daily net outflow of $174.45 million on Monday.

This marked a week of consecutive negative flows, with Grayscale’s GBTC alone accounting for $90 million of the outflows.

No Inflows Across Spot Bitcoin ETFs​

Interestingly, BlackRock’s IBIT did not record any flows for the day. Similarly, spot Bitcoin ETFs by Valkyrie, WisdomTree, and Hashdex also recorded zero activity, according to data compiled by SosoValue. None of the funds recorded inflows.

Following Grayscale, Fidelity’s FBTC and Franklin Templeton’s EZBC saw $35 million and $21 million in net outflows on June 24th. Next up was VanEck’s HODL, which saw a $10 million outflow during the same period, while Bitwise’s BITB recorded $8 million.

Additionally, Ark Invest and 21Shares’ ARKB fund had $7 million outflows, followed by Invesco and Galaxy Digital’s BTCO with outflows of $2 million.

Ever since its conversion in mid-January, GBTC has seen $18 billion in outflows. In contrast, the other ETFs have managed to attract lots of funds, with some more than others. IBIT is clearly the leader, attracting $18 billion in inflows over the past six months.

FBTC came in second with $9 billion in inflows during the same time followed by ARKB and BITB with $2 billion each.

But bitcoin has been under tremendous pressure off late and is currently hovering near $61.2k. This level is crucial because experts believe a downfall could potentially intensify more outflows.

Outflows to Continue?​

Bianco Research President and Founder, Jim Bianco, said that more than $14 billion has flowed into spot Bitcoin ETFs since January 11 with the average purchase price being around $60.6k. Bianco suggests that investors have made no profits currently, and if BTC stays below $60.5k, more outflows are expected.

He also predicted that the accelerated outflows would likely be due to the panic selling by retail investors and not institutional players.

“Should BTC prices hold below $60.5k, I expect an acceleration of outflows. These instruments are dominated by retail Degens, not wealth managers or institutional players (hedge funds). Such players are short-term momentum-driven and bail (panic) when losses occur.”

The post Grayscale’s GBTC Tops Outflow Charts With $90M Amid BTC’s Price Crash Below $60K appeared first on CryptoPotato.