Grayscale’s GBTC Outflows Reach $166M

The GBTC crypto exchange-traded fund (ETF), also known as Grayscale Bitcoin, has seen large amounts of money and Bitcoin being removed from its holdings on Friday, April 12.

According to Farside Investors’ data, over $166 million and more than 2,500 Bitcoin have been withdrawn from GBTC since its launch in January. However, inflows into Bitcoin ETFs have been low, suggesting a decline in interest from investors.

This week alone, GBTC experienced outflows of $767 million, leading to overall negative flows in Bitcoin ETFs. BlackRock’s IBIT Bitcoin ETF, on the other hand, has seen a growth in assets under management, reaching over $15 billion.

This has caused a slight narrowing of the gap between it and Grayscale’s Bitcoin reserves. It is likely that a significant portion of the outflows from GBTC have been invested into BlackRock’s ETF.