More than $21 billion has been withdrawn from Grayscale Bitcoin Trust (GBTC) since its inception on January 11, making it the only spot Bitcoin exchange-traded fund in the U.S. with negative net investment flows. (ETF).
As of December 16th, the total outflows from GBTC reached $21.045 billion, as GBTC continues to outflow investments worth millions of dollars every day. GBTC lost an average of $89.9 million a day over the past 11 months, according to data from Farside Investors.
Spot Bitcoin ETF Flow. Source: Farside Investors
The remaining 10 U.S.-approved spot Bitcoin (BTC) ETFs maintain positive balance sheets, but as shown in the chart above, GBTC outflows have occurred in only 9 of the funds. It casts a shadow over the investments brought in by the book.
Grayscale's $21 billion outflow casts a shadow on other spot Bitcoin ETFs
9 New Stocks, Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF, ARK 21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Franklin Bitcoin ETF, Valkyrie Bitcoin Fund , VanEck Bitcoin ETF, WisdomTree Bitcoin Fund, and Grayscale Bitcoin Mini Trust ETF collectively have $20.737 billion.
In contrast, BlackRock's iShares Bitcoin Trust (IBIT) plays a key role in ensuring a positive balance sheet. Total inflows into IBIT amounted to $35.883 billion, with the fund receiving $153.3 million every day since its inception.
Spot Bitcoin ETF surges to $35.5 billion despite Grayscale outflows
Despite billions of dollars in outflows, the total spot Bitcoin ETF market has grown rapidly, reaching more than $35.5 billion in investments in less than a year.
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Grayscale's Ethereum Trust ETF (ETHE) was launched in the US along with eight other Spot Ether (ETH) ETFs, following a similar trend as Bitcoin.
As of December 13th, ETHE has lost more than $3.5 billion in total in less than six months since its July 23rd founding.
All other funds on the Spot ETH ETF ecosystem saw positive inflows, including BlackRock's iShares Ethereum Trust ETF (ETHA) and Fidelity Ethereum Fund (FETH), each with approximately $3.2 billion. It has become a driving force with investments worth $1.4 billion.
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