Grayscale's Bitcoin ETF Records Record-Low Outflows Amidst Bankruptcy Settlements and Selling Pressure
Grayscale's bitcoin ETF experienced a record-low outflow of $18 million on Wednesday, according to Bitmex Research and Farside Investors. Grayscale CEO Michael Sonnenshein believes that outflows from the Grayscale Bitcoin Trust will reach an "equilibrium" as selling activity related to bankrupt crypto companies like FTX is largely behind us. The GBTC product has seen almost consistent outflows every week, contributing to selling pressure on the asset, and charges the highest annual fees among counterparts at 1.5% of holdings. Bitcoin is currently trading just above $70,600, up 2.2% in the past 24 hours.
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