The largest bitcoin investment fund, Grayscale Bitcoin Trust (GBTC), has been seeing multi-million dollar outflows since it went public.
In the nine days it has been on the stock market, it has received outflows of almost 4.4 billion dollars (USD). This has forced him to get rid of more than 100,000 bitcoins (BTC), as seen in the following table provided by data firm BitMEX Research.
In red you can see GBTC's bitcoin sales, while in black you can see the purchases of the rest of the exchange-traded investment funds (ETF) of the digital currency. All of these entered the market in the United States.
With this massive sale, GBTC went from having around 600,000 to 500,000 bitcoins in just nine days. And it seems that the amount will continue to decrease, given that today it transferred another 10,000 BTC to the Coinbase Prime exchange, according to on-chain data detected by research firm Arkham displayed.
Various analyst have warned that as long as GBTC sales continue, this will continue to exert downward pressure on the market.
The price of BTC has fallen 20% since spot bitcoin ETFs were authorized in the United States. Precisely, in this period it went from being worth USD 49,000 to USD 38,000, a level from which it recovered slightly and is now trading at USD 39,000-40,000.
Despite sales, GBTC remains the largest bitcoin ETF
For now, despite the sales, GBTC remains the ETF with the most bitcoins by a wide margin from the rest . In second place is the one from the BlackRock company, called iShares Bitcoin Trust (IBIT), with around 45,500 BTC. And then comes Fidelity's, called Fidelity Wise Origin Bitcoin Fund (FBTC), with 41,000 BTC.
The BlackRock and Fidelity ETFs soon positioned themselves as the second and third with the most BTC since they entered the stock market along with GBTC. This is because they have accumulated continuous multi-million dollar inflows, probably by being the largest asset managers offering this bitcoin-based instrument.
Likewise, the rest of the bitcoin spot ETFs that went public with them have registered capital inflows. That is why, despite the sales of GBTC, together they record an acquisition of around 17,000 BTC.
