By CoinGape

Grayscale Bitcoin ETF (GBTC) has recorded $121 million in outflows after a sale of 1800 BTC. This brings the total number of assets sold since the approval of Bitcoin ETFs to 335,000 BTC while other issuers record inflows. Grayscale ETF has faced hurdles due to several factors leading to huge market outflows. Bitcoin ETFs rallied the crypto markets and amid declining asset prices, some analysts say an uptick will occasion the next rebound.

Grayscale Sees Outflows

Grayscale has yet again marked a significant exit from its holdings after previous numbers. On-chain data shows 1,800 BTC left the fund today taking the total number since Jan 11 to 335,000. To put this in perspective, over $121 million in outflows was recorded approximately $17.8 billion since the approval of spot Bitcoin ETFs in the United States. 

At press time, Grayscale’s assets under management (AUM) remain at the top with owe $31.8 billion worth of assets. While the Bitcoin ETF has seen massive outflows, others saw inflows of over $17 billion. Grayscale is a major player in Bitcoin investment products and was instrumental in the approval of spot ETFs in the United States following a lawsuit. 

However, its price and the recent crypto market decline continue to spur outflows out of the fund. Grayscale’s management fee is at 1.5% while competitors slashed fees to an average of 0.30%. This led to inflows into new Bitcoin investment products post-approval of ETFs. Crypto enthusiasts have pushed for a reduction of fees to compete with other issuers.

Bitcoin ETFs To Rally Market

At press time, the crypto market posted huge losses in the last 48 hours with top altcoins recording double-digit losses. Bitcoin and Ethereum saw 3.3% and 4% outflows respectively while Solana recorded a larger 6.7% outflows. According to Santiment, Bitcoin ETF volumes are at their highest point since May 15 in terms of volume. Previous data shows that when volumes surge, the asset is set to make price highs wiping out previous losses. 

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: CoinGape