On February 29, 2024, the daily capital outflow from the Grayscale Bitcoin Trust (GBTC) amounted to $598.86 million, according to SoSo Value. This is the second highest figure since January 11, 2024.
As you can see, the record outflow was recorded on January 22, 2024. At the same time, the downward trend observed throughout February turned into an upward trend:
Capital inflow/outflow from GBTC since trust conversion and commencement of trading. Source: SoSo Value.
Increased outflows of funds from GBTC affected the performance of the sector as a whole. It closed the last day of February in the “green” zone, but with a value significantly lower than the day before – $92.38 million:
Capital inflow/outflow from spot Bitcoin ETFs. Source: SoSo Value.
One possible reason for this situation could be the rapid rise in the price of Bitcoin. As in the first days after the start of trading on this position, investors are trying to lock in profits.
Source: Cryptocurrency
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