Grayscale Bitcoin Trust (GBTC) has seen over $21 billion in outflows since Jan. 11, making it the only spot Bitcoin ETF in the U.S. to experience negative net investment flows.

The other 10 spot Bitcoin ETFs have seen positive flows, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the market by drawing $35.883 billion.

Grayscale’s Ethereum Trust ETF (ETHE) has similarly lost $3.5 billion. BlackRock’s iShares Ethereum Trust ETF (ETHA) has taken in $3.2 billion.

This highlights the differences in investor sentiment and the challenges Grayscale is facing.