Grayscale’s Bitcoin exchange-traded fund (ETF) has experienced three consecutive days of decreasing net outflows, reaching a record low of $22.4 million. This comes as ETFs in general have seen a net inflow high over the past two weeks.
According to data from Farside Investor on February 26, the Grayscale Bitcoin Trust (GBTC) had three consecutive days of slowing net outflows on February 22, 23, and 26. The week ended with a daily net outflow of $44.2 million, which was further halved on February 26.
Since its conversion to an ETF on January 11, Grayscale has seen 31 straight trading days of outflows, with a total of $7.47 billion drained from the ETF.
CEO of Bitcoin technology firm Blockstream, Adam Back, expressed his anticipation for the day when GBTC experiences an inflow. He believes it could happen if there is just enough premium to incentivize traders to arbitrage the ETF. Henrik Andersson, Chief Investment Officer at asset manager Apollo Crypto, agrees, stating that a net inflow from Grayscale’s fund would be a significant signal to the market.
Meanwhile, data from Farside on February 26 shows that the combined net inflows of all Bitcoin ETFs, excluding Invesco and Galaxy’s, reached $515.5 million, the highest in two weeks. On February 13, the ETFs had a combined net inflow of $631.3 million but have struggled to maintain momentum since then. On February 21, there was even a net outflow of $35.6 million due to a larger outflow from GBTC and smaller inflows to other funds.
Fidelity’s ETF received the majority of the inflows on February 26, with over $243 million, accounting for almost half of the day’s net total. This was the second-highest inflow day for Fidelity’s ETF, following January 17. The remaining net inflow came from BlackRock’s ETF, as well as ARK Invest and 21Shares fund, with respective inflows of nearly $112 million and over $130.5 million.
Bitcoin bleeding may come to an end as GBTC records historic low outflow of $22M