Grayscale Bitcoin Trust Shares Plunge as Outflows Continue

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As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and fund flows. The latest news about Grayscale’s Bitcoin Trust and Ethereum ETFs has piqued my interest once again.

1. On the X platform, the Bloomberg Terminal account indicates that the price of Grayscale Bitcoin Trust shares has decreased by approximately 11% before market open. At present, these shares are being traded at around $53.22 each.

On July 30, Grayscale’s Bitcoin and Ethereum spot ETFs experienced significant outflows and substantial losses respectively. Specifically, Grayscale’s Bitcoin ETF saw another major drain, while its Ethereum ETF lost a large amount of Ethereum that day.

🔸GRAYSCALE BITCOIN TRUST SHARES DROP 11% PREMARKET— *Walter Bloomberg (@DeItaone) July 30, 2024

Grayscale BTC ETF shares plummet as withdrawals continue

As an analyst, I’ve observed a significant inflow into nine spot Bitcoin ETFs based on the tweet posted by @lookonchain on July 29th. The total net flow amounted to approximately 601 Bitcoins, equivalent to over $41.32 million at current exchange rates.

As a researcher, I’m reporting on an intriguing development: BlackRock’s IBIT ETF recently experienced a substantial influx of 341 Bitcoin units, equivalent to approximately $23.5 million. This significant addition brings the total holdings of this largest spot Bitcoin fund to a staggering 338,470 Bitcoins. In monetary terms, this translates to an astounding value of around $23.28 billion.

1. In contrast, the Bitwise ETF significantly outpaced IBIT’s daily investment with 463 BTC on Monday. Similarly, the Invesco Galaxy Bitcoin ETF saw an inflow of 354 Bitcoin. Nevertheless, BlackRock holds the title as the largest Bitcoin spot ETF, amassing a staggering 11,290 BTC over the past week, according to Lookonchain.

As for Grayscale, its spot Bitcoin ETF saw an outflow of 623 Bitcoin.

Grayscale Ethereum ETF loses big ETH chunk

The same source reveals that daily Ethereum inflows have been reported for the Ethereum SPOT ETFs. Notably, Grayscale experienced a significant outflow of 111,023 ETH, equivalent to approximately $369.7 million. The current ETH holdings of Grayscale amount to around 2,280,661 tokens, which is valued at nearly $7.6 billion.

9 Bitcoin ETFs:

— Lookonchain (@lookonchain) July 29, 2024

Despite this, the Grayscale Ethereum Trust has received a total of 18,601 ETH. On the other hand, BlackRock’s Ethereum fund has seen significant inflows with a total intake of approximately 26,667 ETH, equivalent to around $89,262,449.

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2024-07-30 17:05