What’s been remarkable to see here is that BlackRock has not actually managed to inspire a big chunk of $GBTC #Bitcoin  to flow out of @Grayscale.

Assuming a lot of the $700m was GBTC outflow.

GBTC has $28.6 Billion AUM.

I must admit I was worried that $GBTC would see multi Billions of dollars of day 1 outflow.

Quite impressed actually.

I expect the #Bitcoin  price bleeding to stop after BlackRock & Fidelity sense that $GBTC outflows are stopping & they start injecting the capital they really lined up.