Bitcoin Spot ETF | GBTC daily outflow of 10,000 BTC, with 500,000 BTC still to be sold?
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Bitcoin Spot ETF Experiences Second Consecutive Outflow
According to data compiled by Bloomberg ETF analyst James Seyffart, here are a few key points:
The Bitcoin Spot ETF experienced an outflow of $582 million on its fifth day.
There were consecutive outflows on the second and fifth trading days.
The Bitcoin Spot ETF has had a net inflow of $1.121 billion to date.
GBTC Experiences Daily Outflow of Approximately 10,000 BTC
Data compiled by CC15Capital shows that GBTC has sold a total of 52,247 BTC from January 9th until now. If outflows continue in the future trading days, it indicates that Grayscale still has 566,973 BTC to sell.
The Bitcoin price needs to withstand the daily average selling pressure of approximately 10,000 BTC from GBTC. GBTC has already experienced a net outflow of about $2.216 billion.
JPMorgan: GBTC Outflows Could Reach $3 Billion, Putting Downward Pressure on Bitcoin
Despite the continuous outflows from GBTC, the negative premium has been consistently decreasing. According to CoinGlass, the discount is -0.27%, while Ycharts shows a discount of -0.47%.
Grayscale CEO Michael Sonnenshein remains confident in GBTC.
Grayscale CEO: The majority of Bitcoin Spot ETFs will not survive.
🚨 1st Update for 1/19 #Bitcoin ETF Holdings👇
I track the $BTC holdings of the 🇺🇸Spot Bitcoin ETFs$BITB is the 1st to report (again!), w/ 1,337 #Bitcoin added
Waiting for other 1/19 reports ⏰ Orange = open$IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC $BTCW $DEFI $GBTC pic.twitter.com/HFsB8YWnV2
— CC15Capital 🇺🇸 (@Capital15C) January 20, 2024
Trading Volume Continues to Show an Upward Trend
The good news is that Bloomberg ETF analyst Eric Balchunas pointed out that the trading volume of 9 Bitcoin ETFs is still increasing, rising by 12% compared to Thursday and 53% compared to Wednesday.
He emphasized that this is a rare phenomenon, and the trading volume of Fidelity FBTC is even higher than that of BlackRock's IBIT. These two institutions are engaged in fair competition to dominate the Bitcoin Spot ETF market, which motivates them to work even harder.
The 'Nine' saw another jump in volume today, up 12% vs Thur and 53% from Wed, a rare phenomenon. Also check out $FBTC seeing more trading than $IBIT, those two are in a legit duel to be The One.. but all of them posting huge numbers for newbies, competition is making them all… pic.twitter.com/H2zhz2mEMz
— Eric Balchunas (@EricBalchunas) January 19, 2024