Grayscale's GBTC Bitcoin holdings have dropped 33%, from $620,000 to $420,682,000, since converting to the Spot Bitcoin ETF in January.

Grayscale, the world's largest digital asset manager Bitcoin holdings have dropped nearly 33% ($202,874) since the Grayscale Bitcoin Trust (GBTC) was converted to a Spot Bitcoin ETF in mid-January. This has gone from approximately 620,000 coins to 420,682 coins today. According to Grayscale 's website.

Yesterday (March 4), GBTC saw an outflow of $5,450, or a value of $368 million, marking the 36th day of outflows in a row. As a result, GBTC now has a net outflow of $92.6 billion. Millions of dollars since being converted from fund to ETF, according to data from BitMEX Research.

The conversion now allows investors to exchange their shares for Bitcoin, something that was not allowed in Grayscale's previous structure. This, along with GBTC's higher fees than other players, has led to a challenge for Grayscale. outflow of money

GBTC outflows slowed in late January and February. This has led some analysts to speculate that the outflow may be nearing its end. However, in mid-February, The US Bankruptcy Court recently allowed crypto lending company Genesis to sell approximately $1.3 billion worth of GBTC shares. To raise money to repay investors