- While the value of Bitcoin continues on the path to recovery, Grayscale Bitcoin Trust (GBTC) sales also show a downward trend.
- It was reported that Grayscale transferred 10,923 BTC to Coinbase Prime Deposit on Friday, with the approximate value of this transfer being $449 million.
- BTC advocate Nic Carter described GBTC as a ‘massive wrecking ball’ due to its negative impact on the market.
As the price of Bitcoin continues to show signs of recovery, Grayscale Bitcoin ETF is experiencing further losses.
Grayscale Bitcoin ETF Faces More Outflow
While the value of Bitcoin continues on the path to recovery, Grayscale Bitcoin Trust (GBTC) sales also show a downward trend. Bloomberg analyst James Seyffart highlighted that this was the lowest outflow day for GBTC since it started trading. On Friday, on its 11th day, GBTC outflows reached $255.1 million, bringing the total outflow of the fund to over $5 billion.
This development came after reports that Grayscale transferred over 19,000 BTC from its main wallet on Wednesday. According to reports, Grayscale transferred almost 113,000 BTC from its holdings. According to data provided by Arkham, Grayscale transferred 10,923 BTC to Coinbase Prime Deposit on Friday, with the approximate value of this transfer being $449 million.
Noteworthy is the increase in funds entering new spot Bitcoin ETFs. These ETFs purchased approximately 134,000 BTC with a value of about $5.6 billion in 10 trading days. This increase in buying activity balanced out the criticism Grayscale received from the Bitcoin community. BTC advocate Nic Carter described GBTC as a ‘massive wrecking ball’ due to its negative impact on the market.
BTC is recovering with fund inflows
Bloomberg flow data also showed that Grayscale Bitcoin Trust had the highest volume with a total outflow of $12.625 billion compared to an inflow of $4.786.1 billion. iShares Bitcoin Trust recorded an inflow of $2,086.3 billion against a total volume of $4,847 billion. Fidelity Wise Origin Bitcoin Fund saw an inflow of $1,825.7 billion against a total volume of $4,241 billion.
Other players, ARK 21Shares Bitcoin ETF and Bitwise Bitcoin ETF, had total volumes of $1,314 billion and $702 million, respectively, but they did not have more dramatic inflow/outflow figures. Meanwhile, Bitcoin itself resisted after falling below $40,000, showing a current price of $41,750, indicating a 5% increase. The 24-hour trading volume is $25.94 billion.
