TechFlow News, according to Bloomberg, the Grayscale Bitcoin Trust (GBTC) has seen outflows of approximately $4.8 billion since it became an exchange-traded fund on January 11. Daily outflows from GBTC peaked at $641 million on January 22 but declined to $394 million by January 25.
"We are starting to see a gradual decline in GBTC redemptions," wrote Sean Farrell, chief cryptocurrency strategist at Fundstrat Global Advisors, in a report. "Of course, this needs a few more days of follow-up, but merely slowing the pace of outflows would provide significant tailwinds to the market."
Meanwhile, nine other spot Bitcoin ETFs have attracted over $5 billion in inflows. The net inflow across all 10 spot Bitcoin ETFs—including Grayscale—stands at approximately $574 million.
"Last year, investors took profits on the pre-ETF GBTC at discounts to net asset value, which was likely a major driver behind Bitcoin’s correction," wrote JPMorgan strategists including Nikolaos Panigirtzoglou in a report. "This profit-taking should largely be behind us now, thereby limiting any further downside for Bitcoin."
