Grayscale Investments has seen over $20.4 billion in outflows from its Bitcoin and Ethereum ETFs.
Since launching on January 11, the Grayscale Bitcoin Trust ETF (GBTC) has faced average daily withdrawals of about $137.7 million, accumulating $18.86 billion in total outflows by July 29.
In contrast, the nine other U.S.-approved spot Bitcoin ETFs are seeing positive inflows. BlackRock’s iShares Bitcoin Trust (IBIT) leads with $19.93 billion in assets, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) at $9.9 billion, ARK 21Shares Bitcoin ETF (ARKB) with $2.6 billion, and Bitwise Bitcoin ETF (BITB) with $2.09 billion.
The newly launched Grayscale Ethereum Trust (ETHE) has also faced significant outflows, losing $1.72 billion in just five days. This has contributed to a total of $20.58 billion in outflows across Grayscale’s crypto ETFs, reducing their initial investments by 18.7%.
Mads Eberhardt of Steno Research expects the large outflows from ETHE to taper off by August 2. He notes that while initial outflows have been high, they might indicate a positive short-term trend.
Alphractal, a cryptocurrency analysis firm, has voiced concerns about Bitcoin’s current market trajectory, suggesting it may be on the verge of entering a bear market phase.
Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.
CryptoCon confidently predicted an imminent bull market for Bitcoin, downplaying concerns of a recession or prolonged bear market.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.