GBTC Witnesses Record Daily Outflow: Almost 239,000 BTC Withdrawn in Less Than 70 Days

Publish on 19 March 2024

According to recent statistics, Grayscale's Bitcoin Trust (GBTC) experienced its largest outflow on March 18, 2024, totaling $643 million. This significant outflow marks a trend of decreasing holdings in GBTC, with a substantial amount of Bitcoin being moved out of the trust's reserves.

The day saw a total volume of about $4.19 billion across all ten spot Bitcoin ETFs, with Blackrock leading in terms of volume, amassing $2.02 billion. GBTC accounted for $1.06 billion of the total volume.

Since January 12, 2024, GBTC's holdings have decreased from 617,079.99 BTC to 378,169.37 BTC, shedding 238,910.62 BTC valued at $15.4 billion. The trust experienced a reduction of 2,071.31 BTC in its assets since the weekend prior to March 18.

Grayscale's CEO Michael Sonnenshein indicated that the ETF management fees for GBTC are expected to decline over time as the market matures. Additionally, Grayscale announced its intention to introduce a smaller-scale version of GBTC pending regulatory approval. Sonnenshein acknowledged that the outflows were anticipated, attributing them to investors taking gains on their portfolios, arbitragers exiting the fund, and unwinding positions related to bankruptcies through forced liquidation.

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