The US Bitcoin ETF market has witnessed five consecutive days of outflows hinting that the investor sentiment has been waning recently. Yesterday, Bitcoin spot ETFs experienced a total net outflow of $4.38 million. Notably, Grayscale ETF GBTC saw a significant net outflow of $89.99 million on the day, contributing to its historical total net outflow of $16.6 billion.
GBTC OutFlows Refuse to Stop
The outflows from the Grayscale Bitcoin ETF GBTC have refused to stop eroding more than 50% of the company’s Bitcoin holdings ever since the ETF launch on January 24. On the other hand, GBTC backers remain hopeful for the outflows to slow down while estimating that more than half of the fund’s remaining assets are stuck in taxable accounts.
These analysts believe that investors are unlikely to sell the GBTC holdings and incur large tax bills unless and until they are willing to exit their Bitcoin investments entirely. Ryan Selkis, a former executive at Grayscale’s parent group DCG stated:
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