Grayscale’s Bitcoin exchange-traded fund (ETF) has experienced its third consecutive day of decreasing net outflows, reaching a record low of $22.4 million. This comes as other ETFs combined have seen a two-week high in net inflows.
According to data from Farside Investor on February 26, the Grayscale Bitcoin Trust (GBTC) had three consecutive days of decreasing net outflows on February 22, 23, and 26. The trading week ended with a daily net outflow of $44.2 million, which was further halved on February 26.
Since January 11, the daily net outflows for GBTC have been declining, peaking at $640.5 million on January 22. However, since converting to an ETF, Grayscale has experienced 31 straight days of outflows, with a total of $7.47 billion drained from the ETF.
Adam Back, the CEO of Bitcoin technology firm Blockstream, expressed his anticipation for the day when GBTC experiences a net inflow. He believes this could happen if there is just enough premium to incentivize traders to arbitrage the ETF.
Henrik Andersson, the chief investment officer at asset manager Apollo Crypto, agrees with this sentiment, stating that when Grayscale’s fund finally posts a net inflow, it will be a significant signal to the market.
On February 26, Farside’s data also shows that the combined net inflows of all Bitcoin ETFs, excluding Invesco and Galaxy’s, reached $515.5 million, the highest in two weeks. The ETFs had a combined net inflow of $631.3 million on February 13 but have struggled to maintain momentum since then.
Fidelity’s ETF saw the majority of the inflows on February 26, with over $243 million, accounting for nearly half of the day’s total. The other half of the net inflow came from BlackRock’s ETF, along with ARK Invest and 21Shares fund, which had respective inflows of nearly $112 million and over $130.5 million.
Overall, the Bitcoin ETFs have seen over $6 billion in net inflows since their launch on January 11.