NEW YORK, March 20 ― A selloff in bitcoin that continued yesterday has been accompanied by record outflows from Grayscale’s Bitcoin Trust, accelerating the asset losses the...
Monday's outflows from the Grayscale ETF brought the total to roughly US$12 billion since January 10, though the 52 per cent gain in bitcoin's price has helped counterbalance some of those losses. ― Reuters picNEW YORK, March 20 ― A selloff in bitcoin that continued yesterday has been accompanied by record outflows from Grayscale’s Bitcoin Trust, accelerating the asset losses the fund has experienced since it converted into an exchange traded fund earlier this year.
Investors have been unloading holdings in the Grayscale fund since it converted into an ETF January 10. Meanwhile, money has flowed into the nine new spot bitcoin ETFs approved by the US Securities and Exchange Commission on the same date.Monday's outflows from the Grayscale ETF brought the total to roughly US$12 billion since January 10, though the 52 per cent gain in bitcoin's price has helped counterbalance some of those losses. The fund’s assets now stand at US$27.
Grayscale didn't immediately respond to requests for comment. The firm's CEO, Michael Sonnenshein, told CNBC yesterday that he had anticipated outflows and attributed them to arbitrage-related selling or liquidations by bankruptcy trustees of former crypto giant FTX.Sonnenshein also said for the first time that the firm will cut fees on its fund “over time.” The current 1.5 per cent fee is significantly higher than those levied by the nine other ETF providers.
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