Grayscale is currently under intense fire from members of the community for what many considered its single-handed impact in dragging the market down recently. According to Bitcoin advocate Nic Carter, Grayscale’s Bitcoin ETF product GBTC is best considered “a gigantic wrecking ball of toxic waste.”
Grayscale Investment’s GBTC Underperforming
Following the SEC’s approval of eleven spot Bitcoin ETFs, Grayscale has been underperforming in terms of trading volume and net inflows when compared to others like BlackRock and Fidelity Investments.
There have been significant outflows from the organization running to the tune of billions. On the fifth trading day, Grayscale recorded a hefty outflow of $579.6 million and this summed the total outflows from the platform to nearly $2.2 billion.
This is amidst the numerous transfers of Bitcoin that the firm has made to several crypto exchanges including Coinbase. According to data from Lookonchain, Grayscale has deposited a total of 6
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