Accéder au contenu principal

Grayscale Sees Huge Bitcoin ETF Outflow, But Record Inflow for VanEck


Funds have been flowing out of the Grayscale Bitcoin Trust (GBTC) for more than two months. Moreover, March 11 was the largest outflow for the month.

A whopping $494 million worth of BTC exited the fund yesterday. This works out at 6,850 BTC, according to BitMEX Research, which labeled it a record outflow.

The BitMEX declaration is misleading, however, as GBTC outflows exceeded $500 million for five days in January and again on Feb. 29.

BitMEX clarified stating that it meant a record-high in terms of Bitcoin price, before adding it was the sixth-largest outflow in US dollar terms for GBTC.

Why Is BTC Leaving Grayscale?

Grayscale’s Bitcoin holdings have declined by 36% since GBTC was converted into a spot ETF in January. Before the conversion, it held around 620,000 BTC, but that figure has now fallen to 395,744, according to its website. Nevertheless, the remaining assets are still worth $28.5 billion at current BTC prices.

When Grayscale converted the product to a spot ETF, it allowed investors to redeem their shares for the underlying asset for the first time. Moreover, it also has higher fees than competing products from BlackRock and Fidelity, so investors have been cashing out or rebalancing their portfolios.

Regardless of these huge outflows, there have only been two days since the beginning of February when the net flow to all ETFs has been negative.

BlackRock and Fidelity have been hoovering up more BTC than Grayscale, which has been hemorrhaging.

According to preliminary data from Farside Investors, March 11 saw a record inflow for VanEck’s spot Bitcoin ETF, HODL. The fund had $119 million in inflows for the day. This came after an announcement by the company that it would be slashing the fees temporarily.

Fidelity’s FBTC fund saw inflows of $215 million, while Bitwise’s BITB had a $50 million inflow.

Crypto Markets Close on ATH

Crypto market capitalization has reached $2.85 trillion, which is just 8% away from its all-time high. The massive 5.2% gain was driven by Bitcoin yet again as the asset powered to a new peak price of $72,700 in late trading on March 11.

Some of the altcoins are also making big gains, with Ethereum reaching $4,000 and Solana topping $150.

Ripple’s XRP has powered over $0.70 in a 15% gain while Avalanche has surged 19% to reach $50.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).




Source link

The post Grayscale Sees Huge Bitcoin ETF Outflow, But Record Inflow for VanEck appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

15 Profitable Ideas for 2023

If you’ve honed your photography skills and learned how to take high-quality photos, you may be wondering how to make money from photography. While your photography passion could just stay a hobby, if you have a keen eye for taking a great shot, you can cash in and enjoy a new income stream. Whether you’re an aspiring photographer just starting out or a professional photographer looking to bump up your earnings, this article is going to review different ways to make money from your talents online and offline. How to Make Money from Photography Online Read on to learn how to make money from your photography talents in the online marketplace. 1. Photography Blog A top way to make money with photography is to start your own website. Once you’ve learned how to start a blog , you need to create content regularly and promote your articles on social media. As traffic levels start to increase, you can monetize your site with adverts and affiliate marketing partnerships. A few ideas ...
Enregistrer un commentaire
Lire la suite

The Best Online Business to Start & Make Money Online

An Accessible Beginning Level Promoting providers on-line is, by far, the best solution to earn cash on-line for a number of compelling causes.  As a substitute of investing intensive time in creating digital merchandise or accumulating bodily stock, you possibly can merely supply a service that fits your expertise, whether or not it’s hands-on skilled work or consultancy.  Furthermore, in contrast to conventional networking occasions, on-line platforms supply a faster and cheaper means to attach with potential purchasers. The secret is to maintain it easy at first: promote one factor to at least one particular person and set up a simple course of in scaling.  You may even leverage your present community or discover platforms like Upwork and Fiverr to achieve preliminary traction. What makes this method much more interesting is that you just solely must ship the service after securing a consumer, guaranteeing zero wasted effort.  Moreover, requesting upfront cost can present...
Enregistrer un commentaire
Lire la suite

Jojobet (464)

Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Geri dönüşü yüksek bir heyecana hazır olun! Heybetli rekabet atmosferinde keyifli bir oyun deneyimi sunan öncü bir bahis platformuna hoş geldiniz. İnternetin en güvenilir ve güçlü adreslerinden biri olarak, size en üst düzey kalite standartlarına sahip online bahis fırsatlarını sunmaktan gurur duyuyoruz. Bahis ve şans oyunları tutkunlarının beklentilerini aşan kapsamlı hizmetlerimizle sizi unutulmaz bir yolculuğa çıkarmak için buradayız. Profesyonel ekibimiz, Türkiye’nin en donanımlı ihtiyaçlarına uygun olarak sürekli yenilenen bahis seçenekleriyle geniş bir kumarhane atmosferi ile etkileyici deneyimler sunar. Farklı spor dallarında eşsiz tahmin ve analiz araçlarıyla dolu olan platformumuz, kazandıran oranlarla sizden tam not alacaktır. En yeni teknolojik yazılım alt yapımız sayesinde, kesintisiz ve sorunsuz oyunculuk deneyiminin tadını çıkarabilirsiniz. Şansın, yetene...
Enregistrer un commentaire
Lire la suite