More than $21 billion has been withdrawn from the Grayscale Bitcoin Trust (GBTC) since its launch on Jan. 11, making it the only spot Bitcoin exchange-traded fund (ETF) in the United States with a negative net investment flow.

As of Dec. 16, GBTC’s total outflows amounted to $21.045 billion as the trust continues to shed millions of dollars worth of investment daily. According to data from Farside Investors, GBTC has lost a daily average of $89.9 million for the past 11 months.

Grayscale Bitcoin Trust ETF outflows exceed $21B in under 12 months image 0

Spot Bitcoin ETF flow. Source: Farside Investors

While the remaining 10 spot Bitcoin ( BTC ) ETFs approved in the US have maintained positive balance sheets, GBTC’s outflows overshadow the investments brought in by nine of the funds, as shown in the chart above. 

Grayscale’s $21 billion outflows shadow other spot Bitcoin ETFs

The new nine — the Fidelity Wise Origin Bitcoin Fund , Bitwise Bitcoin ETF, ARK 21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Franklin Bitcoin ETF, Valkyrie Bitcoin Fund, VanEck Bitcoin ETF, WisdomTree Bitcoin Fund and Grayscale Bitcoin Mini Trust ETF — have collectively brought in $20.737 billion.

In contrast, BlackRock's iShares Bitcoin Trust (IBIT) plays a major role in ensuring a positive balance sheet. IBIT’s total inflows stand at $35.883 billion, with the fund attracting $153.3 million daily since inception.

Spot Bitcoin ETFs Surge to $35.5 billion despite Grayscale’s investment exodus

Despite the billions of dollars of outflows, the total spot Bitcoin ETF market has surged, reaching over $35.5 billion in investments in under a year.

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Grayscale’s Ethereum Trust ETF (ETHE), which was launched along with eight other spot Ether ( ETH ) ETFs in the US, is following a trend similar to its Bitcoin counterpart.

As of Dec. 13, ETHE has lost over $3.5 billion total in under six months since its launch on July 23. 

All other funds on the spot ETH ETF ecosystem have a positive inflow, with BlackRock's iShares Ethereum Trust ETF (ETHA) and Fidelity Ethereum Fund (FETH) leading the drive with investments worth nearly $3.2 billion and $1.4 billion, respectively.


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