tl;dr
Funds have been flowing out of the Grayscale Bitcoin Trust (GBTC) for over two months, with March 11 marking the largest outflow for the month at $494 million worth of BTC. Despite a misleading declaration from BitMEX Research, GBTC outflows exceeded $500 million on multiple occasions. Grayscale’s B...
Funds have been flowing out of the Grayscale Bitcoin Trust (GBTC) for over two months, with March 11 marking the largest outflow for the month at $494 million worth of BTC. Despite a misleading declaration from BitMEX Research, GBTC outflows exceeded $500 million on multiple occasions. Grayscale’s Bitcoin holdings have declined by 36% since the conversion of GBTC into a spot ETF in January, with BlackRock and Fidelity acquiring more BTC. Additionally, the crypto market capitalization has reached $2.85 trillion, just 8% away from its all-time high, driven by Bitcoin reaching a new peak price of $72,700 on March 11, with other altcoins also making significant gains.
Funds have been flowing out of the Grayscale Bitcoin Trust (GBTC) for over the past two months. The largest outflow occurred on March 11, with $494 million worth of BTC leaving the fund. On multiple occasions, GBTC outflows exceeded $500 million, despite a misleading assertion from BitMEX Research. Grayscale’s Bitcoin holdings have dropped by 36% since the conversion of GBTC into a spot ETF in January, while BlackRock and Fidelity have increased their BTC holdings. The crypto market capitalization, now at $2.85 trillion, is just 8% away from its all-time high, courtesy of Bitcoin reaching a new peak of $72,700 on March 11 with several altcoins also recording noteworthy gains.
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