Originally published on: December 16, 2024
Since its inception on Jan. 11, the Grayscale Bitcoin Trust (GBTC) has seen a staggering $21 billion drained out, marking it as the sole spot Bitcoin exchange-traded fund (ETF) in the US with a negative net investment flow.
As of Dec. 16, GBTC has shed a total of $21.045 billion as it continues to lose millions of dollars in investments daily. Data from Farside Investors reveals that GBTC has been witnessing an average daily outflow of $89.9 million over the past 11 months.
While the other 10 spot Bitcoin ETFs approved in the US are maintaining positive balances, GBTC’s outflows are outstripping investments brought in by nine of those funds. The new entrants – including the Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF, ARK 21Shares Bitcoin ETF, and more – have collectively attracted $20.737 billion.
Contrastingly, BlackRock’s iShares Bitcoin Trust (IBIT) stands out with a positive trajectory, drawing in total inflows of $35.883 billion. The fund has been averaging $153.3 million in daily investments since its inception.
Despite the massive outflows, the total spot Bitcoin ETF market has swelled to over $35.5 billion in less than a year.
Grayscale’s Ethereum Trust ETF (ETHE), which was introduced alongside eight other spot Ether ETFs in the US, mirrors a similar trend to its Bitcoin counterpart.
As of Dec. 13, ETHE has bled over $3.5 billion in under six months since its launch on July 23.
Other funds within the spot ETH ETF ecosystem are experiencing positive inflows, notably BlackRock’s iShares Ethereum Trust ETF (ETHA) and Fidelity Ethereum Fund (FETH) leading the pack with investments worth nearly $3.2 billion and $1.4 billion, respectively.
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