While Blackrock’s spot bitcoin exchange-traded fund (ETF), IBIT, experienced a continuous influx for 71 days before halting this week, Grayscale’s Bitcoin Trust (GBTC) holds the record with 72 consecutive days of outflows, surpassing all other ETFs on record. “No ETF has ever done anything close to that,” observed Eric Balchunas, Bloomberg’s senior ETF analyst, on Thursday.
'No ETF Has Ever Done Anything Close' — Analyst Highlights Record GBTC Outflows, Surpassing All ETFs
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Over 314,000 Bitcoin Divested — Analyst Highlights Grayscale’s Outflow Streak Tops All ETF Records
Grayscale’s Bitcoin Trust (GBTC), which recently transitioned to a publicly traded spot bitcoin ETF, now holds the record for the longest series of outflows among all ETFs, reaching 72 consecutive days. Eric Balchunas, Bloomberg’s senior ETF analyst, highlighted GBTC’s record-breaking outflow streak shortly after noting the end of Blackrock’s inflow period on Wednesday.
Blackrock successfully garnered inflows for 71 consecutive days, marking it as the tenth-longest streak among all ETFs ever issued. When queried about whether GBTC’s 72 days of consecutive outflows were record-setting, Balchunas confirmed, “Yes, GBTC is on [a] streak of 72 straight days of outflows,” adding, “No ETF has ever done anything close to that. #1 all time.”
Since its debut on Jan. 11, 2024, GBTC’s bitcoin (BTC) holdings have significantly diminished. As of April 25, the fund’s reserves are close to falling below the 300,000 BTC mark, recording a total of 302,663.95 BTC valued at $19.35 billion. Just a day after it started trading Jan. 11, the following day on Jan. 12, GBTC held 617,079.99 BTC.
Over the course of 72 days, Grayscale reduced its holdings by 314,416.04 BTC, totaling a divestiture of $20.30 billion. Balchunas’ disclosure of this record on X led to criticism and jokes. One commenter responded by saying, “Will go down as Grayscale’s biggest L in history.” Another wrote, “Barry landed a record that’ll never be forgotten.”
In the interim, while Blackrock’s IBIT experienced a stop in inflows on Wednesday, the spot bitcoin ETF now possesses a substantial 274,462.04 BTC. On Wednesday, all the ETFs combined recorded $120.6 million in outflows, according to coinglass.com figures.
What do you think about Grayscale’s Bitcoin Trust (GBTC) breaking the record for the most consecutive outflows ever in ETF history? Share your thoughts and opinions about this subject in the comments section below.
