Fun

Grayscale’s spot Bitcoin ETF market share falls to 50%

News Feed - 2024-03-13 10:03:21

Tom Mitchelhill7 hours agoGrayscale’s spot Bitcoin ETF market share falls to 50%Grayscale’s slice of the Bitcoin ETF pie has fallen below 50% for the first time since it was converted alongside the launch of nine new ETFs in January.4357 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto asset manager Grayscale’s spot Bitcoin (BTC) exchange-traded fund (ETF) has fallen below 50% market share for the first time since spot Bitcoin ETFs began trading in the United States on Jan. 11. 


As of March 12, the total assets under management (AUM) in the Grayscale Bitcoin Trust (GBTC) slumped to $28.5 billion — with Grayscale now accounting for 48.9% of the total $56.7 billion held between ten U.S. Bitcoin ETFs, according to Dune Analytics data.Grayscale’s GBTC fund accounts for less than 50% of the total Bitcoin ETF AUM. Source: Hildobby on Dune Analytics


On the first trading day of the ten U.S. spot Bitcoin ETFs, Grayscale’s fund accounted for around 99.5% of their total AUM.


Over time, consistent daily outflows from the GBTC — which averaged $329 million per day last week — have eaten away at the ETF’s market share.


GBTC outflows were most sizeable within the first month of Bitcoin ETFs going live — with $7 billion leaving the fund in a little over a month — but began slowing in late January, leading some analysts to suggest that they could be coming to an end.


However, in mid-February, bankruptcy courts allowed crypto lender Genesis to liquidate roughly $1.3 billion worth of GBTC shares as part of efforts to reimburse investors, seeing outflows pick up again.


In total to date, GBTC outflows have reached just over $11 billion, per Farside Bitcoin ETF flow data.


Grayscale’s ETF was initially a trust that allowed institutional investors to gain exposure to Bitcoin by locking up funds for at least six months.


However, after a court win over the Securities and Exchange Commission in August and the regulator’s following approvals of other spot Bitcoin ETF applications, the trust was converted into an ETF.


This allowed institutional investors — who took advantage of a GBTC arbitrage trade — to remove their capital from the fund for good or simply shift their assets to Bitcoin ETFs with lower fees.


Related:SEC radio silence on Ethereum ETF ‘not a good sign’ — Bloomberg analyst


While the market was initially spooked by increasing outflows from the GBTC, growing net inflows into BlackRock’s iShares Bitcoin ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) funds have been cause for optimism, both of which have now generated a total of $16.9 billion worth of inflows since inception.Solid Bitcoin ETF inflows has been credited with driving the price of Bitcoin higher. Source: Farside Investors


Several market commentators have credited the growing inflows into the nine newly launched ETFs as being one of the fundamental driving factors behind a rapid appreciation in the price of Bitcoin, which notched a new all-time high of $72,900 on March 11.


BlackRock’s fund now holds a little over 200,000 BTC — worth roughly $14.3 billion at current prices, per K33 Research data.BlackRock’s IBIT ETF now holds more than 200,000 Bitcoin in AUM. source:Vetle Lunde on X


Web3 Gamer:Sweatcoin says shaking is faking, MotoDEX review, Gods Unchained 2024# Bitcoin# Cryptocurrencies# Business# Bitcoin Price# ETF# United States# GBTC# GrayscaleAdd reactionAdd reaction

News Feed

Brian Quarmby3 hours agoBTC hodlers outperformed crypto funds by 69% in H1: 21e6 CapitalAccording to 21e6 Capital AG, crypto funds generally outperformed the price gains of BTC in previous bull runs, but they ultimately
Google restricts election queries in Gemini chatbot
Amaka Nwaokocha48 minutes agoGoogle restricts election queries in Gemini chatbotThe announcement comes after Google pulled its artificial intelligence image generation tool last month following controversies, including h
Bitcoin’s Road To $1 Million: Expect A ‘Dip Then Rip,’ Bitwise CIO Says
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ankr expands Bitcoin liquid staking tokens to AI blockchain Talus
Zhiyuan Sun4 hours agoAnkr expands Bitcoin liquid staking tokens to AI blockchain TalusThe Bitcoin LSTs can be used to power the Talus blockchain"s virtual artificial intelligence assistants.5845 Total views25 Total shar
Core Inflation on Upward Trend, Further Rate Hikes Expected, ECB Execs Say
Core Inflation on Upward Trend, Further Rate Hikes Expected, ECB Execs Say Amid underlying inflationary pressures, further interest rate increases may still be needed, members of t
Man Jailed for Role in $25 Million Ponzi Scheme Involving a Failed Crypto
Man Jailed for Role in $25 Million Ponzi Scheme Involving a Failed Crypto A South Florida federal district judge has sentenced Jose Angel Aman to 84 months in pr
Orbit Chain hacker moves $48M to Tornado Cash after months of ‘silence’
Brayden Lindrea3 hours agoOrbit Chain hacker moves $48M to Tornado Cash after months of ‘silence’The cross-chain bridge was exploited for $82 million over New Year’s Eve, with the funds sitting dormant since Jan. 1
Chainalysis Adds Bitcoin to Balance Sheet — Its First Cryptocurrency Acquisition
Chainalysis Adds Bitcoin to Balance Sheet — Its First Cryptocurrency Acquisition Blockchain data platform Chainalysis has announced that it is adding bitcoin to its corporate inv
Selling Social Media Posts for $1.5 Million? Blockchain-Certified Tweet Sales Spark NFT Controversy
Selling Social Media Posts for $1.5 Million? Blockchain-Certified Tweet Sales Spark NFT Controversy The cryptocurrency community is in a tizzy this weekend after
Coinbase Lets Customers Borrow up to $1 Million Using Bitcoin as Collateral
Coinbase Lets Customers Borrow up to $1 Million Using Bitcoin as Collateral The Nasdaq-listed crypto exchange Coinbase is now letting customers borrow up to $1 million using bitcoi
Rep. McHenry hopes digital asset bill passage will be his ‘biggest win’
Derek Andersen7 hours agoRep. McHenry hopes digital asset bill passage will be his ‘biggest win’The retiring chair of the U.S. House Financial Services Committee is optimistic about digital asset legislation now befo
DAO Maker, UniX, and SL2 Teams up for Its One of a Kind ‘FINAL ROUND’ Launchpad
DAO Maker, UniX, and SL2 Teams up for Its One of a Kind ‘FINAL ROUND’ Launchpad press release PRESS RELEASE.Zug, Switzerland, April 25, 2022)– UniX Gaming, a leading cryp