While Grayscale Bitcoin Trust Experiences Outflows, Inflows Accelerate in Bitwise Bitcoin ETF

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• In just the first three days on Wall Street, these Bitcoin ETFs collectively recorded transaction volumes exceeding $10 billion.
• According to CC15Capital, Bitwise Bitcoin Spot ETF (BITB) netted a total of 1,598 Bitcoins in the latest trading session.
• Grayscale Bitcoin Trust (GBTC) is witnessing strong outflows after the launch of spot Bitcoin ETFs last week.

As spot Bitcoin ETFs quickly amass a significant volume, outflows from GBTC shares accelerate: Current updates!

Bitwise’s Spot Bitcoin ETF Stands Out

The spot Bitcoin ETF market has witnessed significant developments in its first week since launch. In just the first three days on Wall Street, these Bitcoin ETFs collectively recorded transaction volumes exceeding $10 billion. Bitwise CEO Hunter Horsley announced that Bitwise Bitcoin ETF experienced a total inflow of $370 million in four days, withdrawing an additional $68 million. Horsley expressed gratitude for investors trusting Bitwise to manage their assets in the cryptocurrency space.

One noteworthy aspect of Bitwise is its purchase of all Bitcoins in the underlying spot ETFs using BRRNY vwap. According to CC15Capital, Bitwise Bitcoin Spot ETF (BITB) netted a total of 1,598 Bitcoins in the latest trading session. As of January 17, the BITB ETF held approximately 8,309 Bitcoins valued at around $358 million. In the last trading day, BITB saw trading volume where approximately 2.9 million shares, totaling around $70 million, changed hands.

Grayscale Bitcoin Trust (GBTC) is experiencing strong outflows after the launch of spot Bitcoin ETFs last week. ETFs offer the opportunity to hold Bitcoins in a more regulated and secure manner. Market analysts believe that a significant portion of the outflows from GBTC is due to strong inflows into ETFs.

Bloomberg strategist James Seyffart emphasizes that this trend is not being adequately considered, mentioning a significant shift in funds from Grayscale Bitcoin Trust (GBTC). Seyffart predicts a substantial outflow of about $594 million from GBTC, totaling an outflow of $1.173 billion.

Seyffart questions uncertainties related to GBTC outflows

Despite many entries into other BTC ETFs, the analyst questions whether these inflows are sufficient to offset the significant outflow from GBTC. Seyffart highlights conversations with knowledgeable sources, particularly addressing uncertainties within the on-chain scope related to GBTC.

Amidst all these developments, the Bitcoin price is trading steadily around $46,500 with a market cap of $835 billion. Earlier this week, on Tuesday, January 16, the Bitcoin network recorded the largest Bitcoin transaction, transferring about 43,000 Bitcoins in almost an hour.