{"id":569967,"date":"2024-01-17T13:00:30","date_gmt":"2024-01-17T13:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=569967"},"modified":"2024-06-11T07:04:12","modified_gmt":"2024-06-11T07:04:12","slug":"grayscale-bitcoin-etf-579-million","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/grayscale-bitcoin-etf-579-million\/","title":{"rendered":"Grayscale Bitcoin ETF Bleeds: Traders Make $579 Million Run On The Fund"},"content":{"rendered":"

Grayscale<\/span><\/a>, an American digital asset management company, has witnessed a staggering amount of outflows in its Spot Bitcoin ETF, Grayscale Bitcoin Trust (GBTC). <\/span>Analysts<\/span><\/a> speculate that the outflows may be linked to several factors, including high trading fees and accounting irregularities.\u00a0<\/span><\/p>\n

Grayscale Experiences Massive Outflows<\/h2>\n

After successfully <\/span>securing approval for its Spot Bitcoin ETF<\/span><\/a> against the United States Securities and Exchange Commission (SEC), Grayscale experienced steady inflows in its GBTC. However, recent <\/span>reports<\/span><\/a> suggest that the company\u2019s gains may have been premature, as <\/span>Grayscale\u2019s GBTC<\/span><\/a> recently experienced a significant outflow of approximately $594 million.\u00a0<\/span><\/p>\n

According to James Seyffart, a Bloomberg Analyst on <\/span>X<\/span><\/a> (formerly Twitter), Grayscale has encountered total net outflows of $1.173 billion for its Spot Bitcoin ETF.\u00a0<\/span><\/p>\n

Related Reading: Institutional Inflows Into XRP Surges 244% Amid ETF Speculation<\/a><\/div>\n

Seyffart presented a screenshot of a spreadsheet detailing the cumulative inflows and trading volumes witnessed by various Spot btc ETF companies, including <\/span>Bitwise<\/span><\/a>, ARK\/21 Shares, <\/span>VanEck<\/span><\/a>, and more. The analyst revealed that while many of these companies saw large amounts of inflows, the gains were not sufficient enough to offset Grayscale\u2019s substantial outflow of almost $600 million.\u00a0<\/span><\/p>\n

Seyffart suggested that Grayscale\u2019s lagging outflows may be a result of T+1 accounting and settlement processes causing outflows from previous days to be reflected in recent data. On the other hand, an <\/span>X user<\/span><\/a> has published a scathing critique on Grayscale, stating that the crypto asset management company may continue to experience a massive exodus of shareholders due to its exorbitant <\/span>ETF fees.\u00a0<\/span><\/a><\/p>\n

Several investors may have shifted towards more affordable Spot Bitcoin ETFs, as GBTC\u2019s ETF has an expense ratio of 1.5%, making it the most expensive Spot Bitcoin ETF in the United States.\u00a0<\/span><\/p>\n

When asked by an X user why there were heavy outflows in Grayscale\u2019s Spot Bitcoin ETF, Senior Bloomberg Analyst Eric Balchunas <\/span>stated<\/span><\/a>:<\/span><\/p>\n

\u201cA lot of traders came in to play the discount closing so they left to take profits, there are also captive average investors who may have decided to stomach the tax hit in order to flee the 1.5% fee, I’d expect more over time.\u201d<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price at $42,600 | Source: BTUCSD on Tradingview.com<\/a><\/pre>\n
Spot Bitcoin ETF Records $10 Billion In Trading Volume<\/h2>\n
The crypto market’s recent response to the increased levels of trading activities in Spot Bitcoin ETFs has been remarkably positive.\u00a0<\/span><\/p>\n
Seyffart shared in a post on <\/span>X<\/span><\/a> that Spot Bitcoin ETFs have achieved an impressive trading volume of almost $10 billion in just three days. This massive trading activity underscores the growing interest and positive shift in investor sentiment regarding <\/span>Spot BTC ETFs.\u00a0<\/span><\/a><\/p>\n
Related Reading: Crypto Community Raises Alarm Over Coinbase\u2019s Dominance Of Bitcoin Held In Spot ETFs<\/a><\/div>\n
In a similar vein, Balchunas disclosed that several recently launched Spot Bitcoin ETFs had seen significant inflows totalling <\/span>$1.4 billion<\/span><\/a>. Leading the group, iShares Bitcoin Trust (IBIT), the <\/span>Spot Bitcoin ETF of BlackRock<\/span><\/a>, has secured the top spot with half a billion in inflows, followed by Fidelity in second place ahead of other ETFs.\u00a0<\/span><\/p>\n
According to <\/span>Balchunas<\/span><\/a>, all 500 ETFs introduced in 2023 have accumulated approximately $450 million in volume, indicating a promising upward trend for the Spot Bitcoin ETF market.<\/span><\/p>\n
Featured image from NewsBTC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Grayscale, an American digital asset management company, has witnessed a staggering amount of outflows in its Spot Bitcoin ETF, Grayscale Bitcoin Trust (GBTC). Analysts speculate that the outflows may be linked to several factors, including high trading fees and accounting irregularities.\u00a0 Grayscale Experiences Massive Outflows After successfully securing approval for its Spot Bitcoin ETF against the United States Securities and Exchange Commission (SEC), Grayscale experienced steady inflows in its GBTC. However, recent reports suggest that the company\u2019s gains may have been premature, as Grayscale\u2019s GBTC recently experienced a significant outflow of approximately $594 million.\u00a0 According to James Seyffart, a Bloomberg Analyst on X (formerly Twitter), Grayscale has encountered total net outflows of $1.173 billion for its Spot Bitcoin ETF.\u00a0 Related Reading: Institutional Inflows Into XRP Surges 244% Amid ETF Speculation Seyffart presented a screenshot of a spreadsheet detailing the cumulative inflows and trading volumes witnessed by various Spot btc ETF companies, including Bitwise, ARK\/21 Shares, VanEck, and more. The analyst revealed that while many of these companies saw large amounts of inflows, the gains were not sufficient enough to offset Grayscale\u2019s substantial outflow of almost $600 million.\u00a0 Seyffart suggested that Grayscale\u2019s lagging outflows may be a result of T+1 accounting and settlement processes causing outflows from previous days to be reflected in recent data. On the other hand, an X user has published a scathing critique on Grayscale, stating that the crypto asset management company may continue to experience a massive exodus of shareholders due to its exorbitant ETF fees.\u00a0 Several investors may have shifted towards more affordable Spot Bitcoin ETFs, as GBTC\u2019s ETF has an expense ratio of 1.5%, making it the most expensive Spot Bitcoin ETF in the United States.\u00a0 When asked by an X user why there were heavy outflows in Grayscale\u2019s Spot Bitcoin ETF, Senior Bloomberg Analyst Eric Balchunas stated: \u201cA lot of traders came in to play the discount closing so they left to take profits, there are also captive average investors who may have decided to stomach the tax hit in order to flee the 1.5% fee, I’d expect more over time.\u201d BTC price at $42,600 | Source: BTUCSD on Tradingview.com Spot Bitcoin ETF Records $10 Billion In Trading Volume The crypto market’s recent response to the increased levels of trading activities in Spot Bitcoin ETFs has been remarkably positive.\u00a0 Seyffart shared in a post on X that Spot Bitcoin ETFs have achieved an impressive trading volume of almost $10 billion in just three days. This massive trading activity underscores the growing interest and positive shift in investor sentiment regarding Spot BTC ETFs.\u00a0 Related Reading: Crypto Community Raises Alarm Over Coinbase\u2019s Dominance Of Bitcoin Held In Spot ETFs In a similar vein, Balchunas disclosed that several recently launched Spot Bitcoin ETFs had seen significant inflows totalling $1.4 billion. Leading the group, iShares Bitcoin Trust (IBIT), the Spot Bitcoin ETF of BlackRock, has secured the top spot with half a billion in inflows, followed by Fidelity in second place ahead of other ETFs.\u00a0 According to Balchunas, all 500 ETFs introduced in 2023 have accumulated approximately $450 million in volume, indicating a promising upward trend for the Spot Bitcoin ETF market. Featured image from NewsBTC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":569986,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,656,679,1119,89185,1122,1144,78790,1944,89193,84647],"class_list":["post-569967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-etf","tag-etf-news","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nGrayscale Bitcoin ETF Bleeds: Traders Make $579 Million Run On The Fund<\/title>\n<meta name=\"description\" content=\"Grayscale has witnessed a staggering amount of outflows in its Spot Bitcoin ETF, Grayscale Bitcoin Trust (GBTC).\" \/>\n<meta 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Grayscale Bitcoin ETF Bleeds: Traders Make $579 Million Run On The Fund","url":"http:\/\/wncen.com\/news\/grayscale-bitcoin-etf-579-million\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/grayscale-bitcoin-etf-579-million\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Bitcoin-Grayscale.jpeg?resize=200%2C170","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Bitcoin-Grayscale.jpeg?fit=297%2C170"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","etf","etf news","spot bitcoin etf"],"dateCreated":"2024-01-17T13:00:30Z","datePublished":"2024-01-17T13:00:30Z","dateModified":"2024-06-11T07:04:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Grayscale Bitcoin ETF Bleeds: Traders Make $579 Million Run On The Fund\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/grayscale-bitcoin-etf-579-million\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/grayscale-bitcoin-etf-579-million\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-Grayscale.jpeg?resize=200%2C170\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-Grayscale.jpeg?fit=297%2C170\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"etf\",\"etf news\",\"spot bitcoin etf\"],\"dateCreated\":\"2024-01-17T13:00:30Z\",\"datePublished\":\"2024-01-17T13:00:30Z\",\"dateModified\":\"2024-06-11T07:04:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Bitcoin-Grayscale.jpeg?fit=297%2C170","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569967"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=569967"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/569986"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=569967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=569967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=569967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}