The Grayscale Bitcoin Trust (GBTC) demonstrated the largest outflow of funds. Bloomberg Senior ETF Analyst Eric Balchunas suggestedthat the outflow from GBTC is most likely associated with the sale of assets to the bankrupt company Genesis, which exchanges fund shares for bitcoins.
Arkham Platform Monitoring showsthat Grayscale has already transferred 266,470 BTC to pay off GBTC obligations. At the current rate of redemptions, the GBTC fund could run out of Bitcoin in its wallet in just 96 days.
Against the backdrop of a significant weekly outflow of assets from Bitcoin ETFs, the volume of funds raised from new investors shows a downward trend. For example, Blackrock's IBIT fund, which accounts for almost half of the BTC-ETF market, received an influx of $49.3 million on Wednesday, March 20, and only $18.9 million on Friday, March 22. The third largest fund, FBTC Fidelity also showed record low inflows of just $2.9 million.
Grayscale CEO Michael Sonnenshein said in an interview with CNBC that fees for Bitcoin ETFs should be expected to drop in the near future.
Source: Bits
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