Grayscale GBTC Selling Accelerates but Bitcoin ETF Inflows Remain Positive, Led by BlackRock
Outflows from the Grayscale Bitcoin Trust (GBTC) spiked Thursday, but inflows into the other nine U.S.-listed spot bitcoin exchange-traded funds were more than enough to offset the GBTC sales.
Data compiled by BitMEX Research shows that GBTC saw $599 million of outflows, almost triple of Wednesday's redemption and the largest single-day outflow since January 22. Confirming those numbers, Arkham Intelligence showed Grayscale moving nearly 10,000 bitcoin (BTC) to crypto exchange Coinbase Prime (presumably to be sold) as markets opened in the U.S. on Friday morning.
Grayscale Bitcoin Trust (GBTC) transferred nearly 10,000 bitcoin to Coinbase Thursday (Arkham Intelligence)
The large outflow could perhaps indicate that crypto lender Genesis started or ramped up the pace of unloading its GBTC holdings, capitalizing on bitcoin's rally. Genesis received bankruptcy court approval on Feb. 14 to sell 35 million GBTC shares – then worth $1.3 billion, now roughly $1.9 billion – but outflows from GBTC were muted over the past two weeks until Thursday's spike.
Thursday's GBTC exit was reminiscent of mid-January, when the bankruptcy estate of collapsed crypto exchange FTX sold roughly $1 billion worth of shares.
Grayscale's GBTC operated as a closed-end fund without redemptions until its conversion to a spot ETF this January. Its shares traded at a significant discount to net asset value during the crypto bear market in the last two years, but that discount vanished in the run-up and finally the conversion to the ETF.
BlackRock's bitcoin ETF surpasses $10 billion in AUM
Inflows into the other U.S.-listed spot bitcoin ETFs, however, offset the big Grayscale outflows Thursday. The net $92 million of inflows, though, was the lowest in a week, per BitMEX Research.
BlackRock's iShares Bitcoin ETF (IBIT) recorded another massive session of inflows, raking in $604 million of fresh funds and adding more than 9,700 bitcoin. This followed a record-breaking Wednesday.. The fund has now surpassed $10 billion in assets under management and holds over 161,000 bitcoin only seven weeks after its debut.
Buying pressure through spot bitcoin ETF demand has been one of the key narratives over the past weeks as BTC's price rallied past $60,000 for the first time since Nov. 2021. Bitcoin gained 44% in February, its best month since Dec. 2020, slightly outperforming the broad-market CoinDesk 20 Index's (CD20) 41% advance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
U.S. non-farm payrolls surge by 165,000 in October, far exceeding expectations! Unemployment rate unexpectedly drops to 4.1%, December rate hike expectations intensify
In October, US non-farm payrolls increased by 165,000, which is 2.5 times the Wall Street median forecast of 65,000 and represents an exceptionally strong deviation of about 5 standard deviations, exceeding the upper limit of all institutional forecast ranges. The unemployment rate unexpectedly fell from 4.2% to 4.1%, while the market had expected it to remain unchanged; average hourly wages also accelerated year-on-year growth to 3.1%. Meanwhile, the previous two months' non-farm payrolls were revised upwards by a total of 84,000. Following the release of the data, the yield on 2-year US Treasury bonds rose by 7 basis points, and the pricing of the probability of a Fed rate hike in December climbed to 70%.
AI Sell-off Hits Anthropic IPO, Potential Valuation Expected to Drop to $1.2–1.3 Trillion
The valuation range discussed by potential investors has been lowered from the previous high of $2 trillion to between $1.2 trillion and $1.3 trillion, and some strategists have even suggested going below $1 trillion to ensure safety. In the face of significant market volatility and financial concerns such as quarterly losses, Anthropic is facing tough decisions, including a discounted valuation, reducing the size of the offering, or postponing the listing.
Moderna Q3 revenue up 29% year-on-year, far exceeding expectations, raises full-year revenue growth guidance to 15%-25% | Earnings Report Insight
Moderna's Q3 revenue increased by 29% year-on-year to $1.31 billion, with profits significantly exceeding expectations. The company raised its 2026 revenue growth guidance to 15%-25%. The ramp-up of next-generation COVID-19 and flu vaccines, along with international market expansion, has driven performance improvement. Phase III data for the personalized cancer vaccine has also shown positive progress. The company is simultaneously advancing cost reduction and pipeline R&D, with year-end cash expectations significantly raised.
Crypto prices
More
