Significant developments in today's cryptocurrency market:
📍Grayscale's GBTC: According to the news, Grayscale has sold 52,639 BTC, equivalent to approximately $2.8 billion, after the conversion to a Bitcoin spot ETF. The outflow of funds from GBTC has been substantial, with daily outflows ranging from $95.1 million to $590 million. This indicates that investors who purchased GBTC at a discount in anticipation of the ETF conversion are now taking profits. The narrowing GBTC premium suggests a potential further capital outflow of $5 billion to $10 billion.
📊Bitcoin Spot ETF Trading: The Bitcoin spot ETF has seen significant trading volume, with three of the top 20 ETFs related to BTC, including GBTC, BITO (futures ETF), and IBIT. Excluding GBTC, the other nine spot ETFs have purchased 79,618 BTC within the approved six days. The daily average trading volume of the nine Bitcoin spot ETFs is $120 million, putting them in the top 1% of all ETFs. This indicates strong demand for Bitcoin ETFs.
♻️ Capital Outflow from GBTC: On the 6th trading day of Bitcoin spot ETF trading, GBTC experienced a capital outflow of $590 million, bringing the total outflow to $2.8 billion. However, other ETFs like Bitwise, VanEck, and WisdomTree have seen net inflows, indicating varied investor sentiment.
