A look at the data provided by Bloomberg Intelligence shows that the spot Bitcoin ETF product from investment asset management firm Grayscale Investments is seeing a return in its bear sentiment.
Grayscale Outflows Tops $101M
Based on the data, Grayscale’s GBTC outflows are back and this time, it touched $101.6 million. This comes after the spot Bitcoin ETF registered two days of outflows under $100 million, crossing the threshold.
This was not expected as it had been reported a few days earlier that the GBTC outflow dropped to a record low. On February 7, BitMEX Research revealed that total inflows for 10 Bitcoin ETFs dropped to just $33.7 million. In terms of net outflows Grayscale’s GBTC slowed to a record low of $72.7 million.
Compared to February 5 when the spot Bitcoin ETF registered net outflows of $107.9 million, the figure from February 7 confirmed that the outflows were gradually reducing.
Market observers expected that this was the beginning of the end to the mass ex
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