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BlackRock ETF inflows hit $260 million as Grayscale records massive Bitcoin outflow BlackRock ETF inflows hit $260 million as Grayscale records massive Bitcoin outflow

BlackRock ETF inflows hit $260 million as Grayscale records massive Bitcoin outflow

Grayscale Bitcoin Trust faces $3.45 billion in outflows while competitors flourish.

Quick Take

Grayscale Bitcoin Trust (GBTC) experienced an outflow of $640 million on its seventh trading day, the most significant outflow observed since its inception, according to James Seyffart. The total outflow has now reached a staggering $3.45 billion.

On the other hand, Seyffart indicates that BlackRock ETF (IBIT) witnessed a surge in inflows amounting to $272 million, marking its third-largest inflow day. Despite the sizeable influx into IBIT, the overall net outflows for the day stood at $76 million, underlining a shifting dynamic in the Bitcoin ETF market.

In summary, BlackRock ETF (IBIT) has recorded a total net inflow of $1.7 billion, placing it in the lead. Following closely, Fidelity comes in the second position with net inflows of $1.4 billion. Notably, the combined net inflows of the nine ETFs marginally outpace the outflows from GBTC, amounting to a total of $1.1 billion.

Bitcoin ETF Volume and Flows: (Source: James Seyffart, Bloomberg)
Bitcoin ETF Volume and Flows: (Source: James Seyffart, Bloomberg)

Update: The calculation of BlackRock inflows has been revised to $260 million.

DayDate NAV per ShareShares Outstanding Share Volumne BTC Daily BTC Purchased Daily Inflow by BTC Value
Day 7Jan 22, 2024 $22.8658,680,000.00                     17,222,000                    39,925                                       6,494 $260,513,304
Day 6Jan 19, 2024 $23.8750,240,000.00                     18,240,000                    33,431                                       4,809 $201,487,482
Day 5Jan 18, 2024 $23.3244,000,000.00                     17,823,000                    28,622                                       3,555 $145,516,815
Day 4Jan 17, 2024 $24.3128,720,000.00                     13,950,000                    25,067                                       8,705 $371,407,530
Day 3Jan 16, 2024 $24.6220,080,000.00                     15,078,000                    16,362                                       4,923 $212,722,830
Day 2Jan 12, 2024 $24.944,600,000.00                     22,920,000                    11,439                                       8,818 $385,963,860
Day 1Jan 11, 2024 $26.59400,000.00                     37,700,000                      2,621                                       2,393 $111,671,738