The Grayscale Bitcoin exchange-traded funds (ETF), GBTC, continues to experience significant outflows, with over $166 million and more than 2,500 Bitcoin (BTC) withdrawn from the fund’s holdings on Friday, April 12.

According to Farside Investors data, outflows from GBTC have now exceeded $16.2 billion since the Bitcoin ETF’s January launch. Since the month of April the daily outflows from the Grayscale Bitcoin Trust (GBTC) have been fluctuating between $75 million and $300 million.

On the other hand, inflows into Bitcoin ETFs have been minimal, indicating declining investor engagement. GBTC recorded significant outflows of $767 million this week, contributing to overall negative flows into Bitcoin ETFs.

BlackRock has maintained strong support as assets under management for IBIT Bitcoin ETF exceed $15 billion, narrowing the gap with Grayscale’s Bitcoin reserves. A significant portion of GBTC outflows has likely flowed into BlackRock.

Grayscale CEO Michael Sonnenshein hinted earlier this week that outflows from the Grayscale Bitcoin Trust might be stabilizing, suggesting optimism among traders and investors. However, current data indicates that the situation may not align with this optimism.

One primary reason behind the massive GBTC outflows has been the high management fee the fund charges. However, Sonnenshein has been hesitant to cut the fees despite losing the flows to competitors. GBTC has the highest management fees out of all U.S. Bitcoin ETFs — pinned at 1.5% a year compared to the 0.30% average of its competitors.

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Sonnenshein noted that markets often exhibit high excitement when commodity or thematic exposure products, like Grayscale Bitcoin Trust, first emerge. However, these products mature as time passes, leading to market consolidation as investors focus on a few offerings.

According to Farside data, GBTC saw outflows of $17.5 million on April 10, a significant decrease from the $154.9 million outflows recorded on April 9. The previous low was on Feb. 26 when GBTC outflowed $22.4 million. The daily GBTC outflows average across the four months is $257.8 million.

GBTC launched in 2015 and converted to an ETF in January, alongside the launch of nine other Bitcoin ETFs after Grayscale won a lawsuit against the Securities and Exchange Commission — forcing it to review a GBTC conversion bid it denied.

Bankrupt crypto lending firm Genesis recently offloaded approximately 36 million GBTC shares to acquire 32,041 Bitcoin.

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