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GBTC AUM sees modest $1.6 billion drop post-ETF launch, regardless of main outflows


Fast Take

Information from BitMEX exhibits March started with the primary whole outflow since Feb. 21. The day noticed an outflow of $140 million, considerably impacted by an enormous $492 million outflow from the Grayscale Bitcoin Belief (GBTC), marking one of many largest single-day outflows.

Bitcoin ETF Data in dollars: (Source: BitMEX)
Bitcoin ETF Information in {dollars}: (Supply: BitMEX)

Based on BitMEX knowledge, the Grayscale Bitcoin Belief (GBTC) has skilled outflows totaling $8.9 billion. Regardless of this vital outflow, the belongings underneath administration (AUM) of GBTC solely decreased by $1.6 billion, transferring from $28.6 billion to $27 billion, as reported by ycharts.

This comparatively small lower in AUM, within the face of huge outflows, may be attributed to the rise in Bitcoin’s worth, which rose from $49,000 to $65,000 because the ETF was launched on Jan. 11.

GBTC Assets Under Management: (Source: ycharts)
GBTC Belongings Below Administration: (Supply: ycharts)

Regardless of these outflows, GBTC maintains a powerful market presence with a 55% share, although down from 100% two months in the past, as famous by ETF Retailer President Nate Geraci.

Moreover, GBTC’s annual payment income stands at a big $398 million, dwarfing the $53 million from the 9 new ETFs, not together with payment waivers, in response to Geraci.

Bitcoin ETF Data in BTC: (Source: BitMEX)
Bitcoin ETF Information in BTC: (Supply: BitMEX)

In the meantime, BlackRock’s IBIT noticed a lot quieter inflows of $203 million on Mar. 1, following consecutive record-breaking days. These inflows have taken their whole internet influx to $8 billion, roughly equal to holding 165,000 Bitcoin, in response to BitMEX.

BitMEX has famous that Invesco Galaxy Bitcoin ETF (BTCO) has not disclosed its knowledge for Mar. 1.

The publish GBTC AUM sees modest $1.6 billion drop post-ETF launch, regardless of main outflows appeared first on CryptoSlate.

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