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Home » Grayscale Approaching Complete Bitcoin Exhaustion in Just 4 Months with Record ETF Exodus
Grayscale Approaching Complete Bitcoin Exhaustion in Just 4 Months with Record ETF Exodus
Grayscale Approaching Complete Bitcoin Exhaustion in Just 4 Months with Record ETF Exodus
Bitcoin

Grayscale Approaching Complete Bitcoin Exhaustion in Just 4 Months with Record ETF Exodus

03/20/20242 Mins Read
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Bitcoin ETFs in the United States experienced their highest combined outflows in a single day, with a total of $326 million being withdrawn from the 10 funds on March 19.

As of March 19, Grayscale’s Bitcoin Trust (GBTC) had more than $23.7 billion in assets under management. If the outflows continue at the current pace, the fund could run out of assets by late July.

On that day, GBTC saw net outflows of $443.5 million, with BlackRock, Fidelity, and Bitwise’s ETFs being the only ones to see net inflows, according to data from Farside Investors.

The three funds collectively attracted $117.3 million in net inflows, which is the second-lowest inflow day for the nine new Bitcoin ETFs, excluding GBTC. BlackRock’s iShares Bitcoin Trust (IBIT) had the highest net inflows of $75.2 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw $39.6 million in inflows. The Bitwise Bitcoin ETF (BITB) had the lowest net inflows at just $2.5 million, excluding days with zero new inflows.

These outflows from the ETFs exceeded the previous record of $158.3 million on January 24, marking the second consecutive day of net outflows for the funds.

The significant outflows coincided with a decline in the price of Bitcoin, which dropped to as low as $62,400 on March 19 during U.S. trading hours. This decline followed its all-time high of $73,835 on March 14. In the past 24 hours, Bitcoin has fallen by 5.4% and is currently trading at $61,173, slightly above its intraday low of $60,872.

On March 18, GBTC experienced its largest net outflow day of $642.5 million. Since January 11, when it converted from a trust to an ETF, the fund has seen outflows of nearly $12.9 billion in the span of 49 trading days.

According to Brett Harrison, a former FTX.US executive, Bitcoin ETFs are expected to break records in the future.

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