Grayscale Bitcoin ETF witnesses outflow amounting to $121 million

Grayscale Bitcoin ETF witnesses an outflow of $121 million following a selling exercise of 1,800 BTC. From the time the bitcoin ETF received consent, the selling of assets has reached the figure of 335,000 BTC, whereas, in the case of different suppliers, they are noting down figures about inflows. Grayscale ETFs have come up against many obstacles for various reasons, becoming a stepping stone for gigantic market outflows. 

Grayscale is losing a substantial amount related to its holdings, with on-chain data exposing the departure of 1,800 BTC, increasing the figures to 335,000. To view this from the correct angle, more than $121 million in outflows was noted. 

Grayscale’s assets under management (AUM) are currently positioned in the first place, amounting to $31.8 billion. The Bitcoin ETF has witnessed many outflows, whereas the competition has experienced more than $17 billion in inflows. Grayscale holds a prime position regarding bitcoin investment items and is responsible for the consent received for spot ETFs in the US. 

Despite it all, outflows are being pushed out of the Grayscale fund due to its pricing and the latest market downfall. Its controlling rate is 1.5%, whereas the rest of the crowd lowered the rates to 0.30%. This paved the way for inflows of fresh bitcoin investment items, following the consent for ETFs. 

In the present scenario, the crypto space has incurred massive losses, with prime altcoins going even higher. Bitcoin and Ethereum witnessed 3.3% and 4% outflows, respectively. In the case of Solana, the outflows reached 6.7%. 

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As per Santiment, bitcoin ETFs are witnessing an excessive volume surge, indicating price hikes.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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