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GBTC AUM Sees Modest $1.6 Billion Drop After ETF Launch, Despite Significant Outflows


Quick take

Data from BitMEX shows that March began with the first total outflow since February 21. The day saw an outflow of $140 million, significantly impacted by a massive $492 million outflow from the Grayscale Bitcoin Trust (GBTC), marking one of the largest daily outflows. exits.

Bitcoin ETF data in dollars: (Source: BitMEX)
Bitcoin ETF data in dollars: (Source: BitMEX)

According to BitMEX data, the Grayscale Bitcoin Trust (GBTC) saw outflows totaling $8.9 billion. Despite this significant outflow, GBTC’s assets under management (AUM) only decreased by $1.6 billion, from $28.6 billion to $27 billion, as reported by ycharts.

This relatively small decrease in assets under management, in the face of large capital outflows, can be attributed to the increase in the price of Bitcoin, which increased from $49,000 to $65,000 since the ETF’s launch on the 11th. January.

GBTC assets under management: (Source: ycharts)
GBTC assets under management: (Source: ycharts)

Despite these capital outflows, GBTC maintains a strong presence in the market with a 55% share, although down from 100% two months ago, as ETF Store President noted, Nate Geraci.

Additionally, GBTC’s annual fee revenue is $398 million, dwarfing the $53 million from the nine new ETFs, not including fee waivers, according to Geraci.

Bitcoin ETF data in BTC: (Source: BitMEX)
Bitcoin ETF data in BTC: (Source: BitMEX)

Meanwhile, BlackRock’s IBIT recorded much quieter inflows of $203 million on March 1, following back-to-back record-breaking days. These inflows brought their total net inflow to $8 billion, or roughly the equivalent of 165,000 Bitcoins, according to BitMEX.

BitMEX noted that Invesco Galaxy Bitcoin ETF (BTCO) did not disclose its data for March 1.

Post GBTC AUM Sees Modest $1.6B Drop After ETF Launch, Despite Large Outflows appeared first on CryptoSlate.


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