GBTC Experiences Its Largest Daily Drain Yet, Nearly 239,000 BTC Gone in Under 70 Days Grayscale's Outflows Continue: On March 18, 2024, Grayscale faced a massive withdrawal of $643 million, marking its largest outflow to date. The total volume for spot bitcoin ETFs reached $4.19 billion, with Blackrock leading the pack at $2.02 billion.
GBTC's Share: Out of the day's total volume, GBTC accounted for $1.06 billion. However, it also experienced a significant decrease in its bitcoin holdings, shedding 238,910.62 BTC valued at $15.4 billion since January 12.
A Weekend Dip: Just over the weekend, GBTC saw a reduction of 2,071.31 BTC in its assets. This downward trend aligns with Grayscale CEO Michael Sonnenshein's recent comments on the expected decline in management fees for GBTC.
Anticipating Outflows: Sonnenshein acknowledged that the outflows were not unexpected, citing various factors such as investors taking profits and unwinding positions related to bankruptcies.
Despite these challenges, Grayscale remains proactive by planning to introduce a smaller-scale version of GBTC pending regulatory approval.
