Grayscale Bitcoin ETF Sees Record Lowest Daily Outflow of $18M

Grayscale’s bitcoin (BTC) exchange-traded fund (ETF) logged about $18 million in outflows on Wednesday, a record-low figure since it first went live in January, Bitmex Research and Farside Investors said in posts on X.

The figures come a day after Grayscale CEO Michael Sonnenshein said he sees outflows from the Grayscale Bitcoin Trust (GBTC) reaching an “equilibrium” as selling activity connected to settlements of bankrupt crypto companies like FTX was “largely behind us.”

Analysts at Coinbase Institutional have said that the increased GBTC selling is potentially in part due to Genesis selling shares as part of its bankruptcy process.

The GBTC product has hemorrhaged nearly $15 billion in bitcoin outflows since going live and has almost consistently seen outflows every week, likely contributing to selling pressure on the asset.

The EFT also charges the highest annual fees among counterparts at 1.5% of holdings, compared with as low as 0.19% for Franklin Templeton’s EZBC.

Bitcoin is trading just above $70,600 as of European morning hours, up 2.2% in the past 24 hours. The broad-based CoinDesk 20 added 1.7%.