On April 10th, there were withdrawals totaling $17.5 million from Grayscale’s GBTC, marking an all-time low for this particular ETF, according to Teddy Fusaro, president at Bitwise Asset Management.
The cryptocurrency market has been plagued by disastrous Grayscale outflows.
About a month ago, ETF expert Eric Balchunas expressed his doubt that the recent outflows were instigated by individual investors because of their small scale and regular nature.
According to U.Today’s report, Grayscale’s GBTC experienced significant withdrawals totaling approximately $458 million over the course of two days – $303 million on Monday and $155 million on Tuesday.
Despite GBTC experiencing another losing day, the historically low redemptions may offer some optimism to buyers, suggesting that the downturn could be coming to an end.
Mike Sonnenshein, CEO of Grayscale, spoke about the significant outflows from their flagship ETF to Reuters. He suggested that the fund was getting closer to balancing its inflows and outflows, or “an equilibrium.” According to Sonnsonhein, the primary reasons for these large outflows were bankruptcy sell-offs and certain trading strategies used by specific market players.
Sonnenshein has also stressed that GBTC’s fees would be lowered in the future.
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2024-04-11 11:21