Grayscale's Bitcoin ETF Faces Record $642.5 Million Daily Outflow
In response to significant outflows, Grayscale plans to reduce ETF fees over time.
- Grayscale's GBTC spot bitcoin ETF experienced a record daily outflow of $642.5 million, contributing to a net outflow of $154.4 million across all spot bitcoin ETFs.
- Despite the record outflow, total net inflows into U.S. spot bitcoin ETFs since January 11 stand at just over $12 billion, with assets under management approaching 875,000 BTC.
- BlackRock's IBIT ETF leads the market, holding almost 250,000 BTC in assets under management, while Grayscale's GBTC fund has seen a 38% reduction in assets since converting to an ETF.
- Grayscale CEO Michael Sonnenshein announced plans to reduce fees on its bitcoin ETF over time, following more than $12 billion in outflows since its January conversion.
- The broader crypto market has seen a significant decline, with the GM30 index, representing the top 30 cryptocurrencies, down 16% since March 14.
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