GBTC Sees $600M Outflow Day After Bitcoin ETFs Set Record Net Inflows of $673M

Tanzeel Akhtar
Last updated: | 1 min read
Bitcoin Trading
Source: Midjourney

Grayscale’s spot Bitcoin exchange-traded fund (ETF) (GBTC) has seen a slow trading day experiencing net outflows of almost $600 million on Thursday, making this the second largest outflow day since 11th Jan 2024, according to data posted by Farside investors.

The total GBTC outflows since 11 January now stand at $8,406.3 million.

In contrast, the ten spot Bitcoin exchange-traded funds (ETFs) saw a record inflow of $673.4 million on Wednesday, driven mostly by BlackRock received $612.1 million in inflows, according to BitMEX Research data posted on X.

With BlackRock’s inflwos offsetting massive GBTC outflow, the total positive flow into spot Bitcoin ETFs on Thursday came at $92 million.

GBTC ETF outflows could be linked to the bankrupt crypto lender Genesis having approved to sell its GBTC shares. “Gonna assume some of this is from Genesis ? $600 million out of GBTC,” posted Bloomberg analyst James Seyffart on X.

For the first time since November 2021, Bitcoin price topped $64,000. During the US session, Bitcoin price has been exhibiting a slight bearish correction, giving up most of its gain to trade at $60,750, a 0.70% increase over the last 24 hours.

Bitcoin ETFs Gain Momentum 

Bitcoin spot ETFs are continuing to gain momentum.  BlackRock’s IBIT has doubled its personal record on the third consecutive day with $3.3 billion in trading volume. Fidelity’s spot Bitcoin ETF also doubled its previous record with $1.4 billion trading volume on the same day, Bloomberg analyst James Seyffart posted on X earlier this week.

Wall Street Banks Hungry for Crypto ETFs and ETPs 

On Wednesday, it emerged that Morgan Stanley is considering adding spot Bitcoin ETFs to its brokerage platform and is currently in the process of conducting due diligence, according to a CoinDesk report citing two sources familiar with the matter.

It’s no secret that traditional financial institutions are going further down the crypto rabbit hole when it comes to exploring crypto.