Grayscale, a leading digital asset management company, has recently witnessed massive outflows from its spot Bitcoin exchange-traded fund (ETF), with Grayscale Bitcoin Trust (GBTC) seeing outflows of more than $600 million.
According to data from Farside Investors, Grayscale’s outflow of GBTC reached $600 million on February 29. Its total outflow since the first trading day since January 11 was about $8.4 billion.
Meanwhile, other ETFs recorded large inflows on the same day. Among them, 8 ETFs increased their holdings by 14,934 BTC, worth $940 million. BlackRock's iShares Bitcoin Trust (IBIT), the world's largest asset management company, increased its holdings by 10,140 BTC, worth $638 million, followed by Fidelity's FBTC, which increased its holdings by 4,066 BTC, worth $255.9 million.
Earlier reports showed that the spot BTC ETF had a trading volume of up to $7.69 billion on Wednesday, breaking its volume record by more than one and a half times. According to Reuters, Grayscale Investments is urging the U.S. Securities and Exchange Commission (SEC) to approve its spot BTC ETF options to provide opportunities for a new class of investors.
Grayscale CEO Michael Sonnenshein claimed that the SEC’s rejection of GBTC options would “unfairly discriminate” against its shareholders. The executive stressed that the securities regulator had previously approved options on a Bitcoin futures ETF.
“Access to exchange-listed options on GBTC and other spot Bitcoin ETPs is critical to the interests of GBTC and all spot Bitcoin [exchange-traded products] investors,” Sonnenshein said. Notably, Bitcoin is on a winning streak, having recorded two higher highs for the year earlier this week. BTC is currently up more than 19% over the past seven days, with a market cap of $1.2 trillion, making it one of the world’s most valuable assets, according to CoinMarketCap.
