Global Bitcoin ETP holdings over 900,000 BTC as Grayscale outflows 'subside’

cyptouser5 months agoCryptocurrencies News215

Crypto investment products saw their second consecutive week of outflow this year, with $500 million leaving the funds, according to CoinShares’ latest weekly report.

Bitcoin dominate

Bitcoin investment products experienced significant outflows last week, with a total withdrawal of $479 million.

The top cryptocurrency has faced significant headwinds since the U.S. Securities and Exchange Commission (SEC) approved spot exchange-traded funds (ETF) in the country. Its value has declined by more than 12% to around $42,500 as of press time.

This downturn has spurred bearish investors to turn to short BTC products, resulting in nearly $11 million in inflows last week.

Conversely, prominent alternative digital assets like Ethereum, Polkadot, and Chainlink also saw outflows, with $39 million, $700,000, and $600,000, respectively. However, Solana defied this trend by recording a modest inflow of $3 million.

Across regions, U.S.-based funds dominated the scene, experiencing net outflows of $409 million. Switzerland and Germany followed with outflows of $60 million and $32 million, respectively. Brazil emerged as the exception, with the most significant net inflows of $10.3 million.

“Recent price declines prompted by the substantial outflows from the incumbent ETF issuer (Grayscale) in the U.S. totaling $5 billion, have likely prompted further outflows from other regions,” CoinShares Head of Research James Butterfill explained.

Grayscale outflows ‘subside’

Grayscale’s GBTC sustained significant outflows, witnessing a withdrawal of $2.2 billion last week. Notably, this follows a substantial outflow of $2.8 billion two weeks ago, culminating in a total flow of $5 billion since the SEC approval of spot ETFs.

However, recent data indicates a diminishing trend in the outflows, with Butterfill observing a gradual reduction in daily total outflows throughout the past week.

“The outflows in Grayscale aren’t pretty but it looks like they are beginning to subside,” Butterfill said.

GBTC Outflows
Grayscale GBTC Outflows. (Source: CoinShares)

In contrast, the newborn nine spot BTC ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, experienced robust inflows amounting to $1.8 billion. Since their launch, these ETFs have collectively attracted approximately $5.94 billion in inflows, resulting in a net inflow of $807 million when factoring in GBTC outflows.

Globally, crypto Exchange-Traded Products (ETPs) currently hold 900,000 BTC, valued at an estimated $36.2 billion, per ByteTree data. Notably, GBTC constitutes over 50% of this total, boasting a balance of 502,000 BTC, equivalent to an estimated $21.1 billion.

Meanwhile, IBIT and FBTC’s BTC holdings have flipped ProShares’ futures BTC ETF (BITO) despite trading for fewer days.


Oluwapelumi Adejumo

Journalist at CyptoRanking

Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.

@hardeyjumoh LinkedIn Email Oluwapelumi Editor

Liam 'Akiba' Wright

Senior Editor at CyptoRanking

Also known as "Akiba," Liam is a reporter, editor and podcast producer at CyptoRanking. He believes that decentralized technology has the potential to make widespread positive change.

@akibablade LinkedIn Email Editor Latest Report

The invisible engine: How OTC trading powers Bitcoin ETFs

Exploring the intricacies of OTC trading, providing a comprehensive understanding of this often overlooked but vital component of the market.

Andjela Radmilac · 2 days ago
The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Judge dismisses Debt Box case, orders SEC to pay $1.8M in fees

Judge dismisses Debt Box case, orders SEC to pay $1.8M in fees

55966e89˃A federal judge has ordered the United States Securities and Exchange Commission (SEC) to p...

Central Banks look to unlock DeFi possibilities in cross-border CBDCs

The Bank for International Settlements (BIS), in collaboration with the central banks of France, Sin...

Where is Bitcoin heading next? Market experts chime in

25cc9d4a˃After reaching all-time highs in early March, Bitcoin (BTC) experienced a sharp correction...

US government appoints Sam Altman, other tech execs to newly established AI safety board

The US Department of Homeland Security (DHS) established an AI Safety and Security Board and named 2...

New record: Bitcoin ETFs hit $1B in daily inflow

New record: Bitcoin ETFs hit $1B in daily inflow

b98df8a0˃The United States spot Bitcoin (BTC) exchange-traded funds (ETFs) achieved a new milestone...

Ethereum validator hits $7.5B TVL, adds new SaaB model

Ethereum validator hits $7.5B TVL, adds new SaaB model

1205f261˃, a validator for the Ethereum blockchain, has hit a new growth milestone and is lau...