GBTC hit an all-time low of $22M, sparking hopes of an end to Bitcoin’s bleeding.
Greyscale's spot bitcoin (BTC) exchange-traded fund (ETF) fell for a third consecutive trading day as net outflows fell, hitting a record low of $22.4 million, leading the ETFs combined for a two-week net inflow.
Farside Investor data for February 26 shows that Greyscale Bitcoin Trust (GBTC) had three days of net outflows on February 22, 23 and 26. It ended the trading week on Friday with a daily exit of $44.2. million, and on February 26 the flow rate was halved.
However, Grayscale has marked 31 straight days of outflows since converting to ETFs on Jan. 11, with a total of $7.47 billion out of ETFs.
Adam Back, CEO of Bitcoin technology company Blockstream, posted on X on February 26 that “GBTC is waiting for the day it will be activated.”
Back added that it “could happen” but would require a “sufficient premium” to encourage traders to bet on the ETF.
Henrik Andersson, chief investment officer at asset manager Apollo Crypto, agreed in a separate X post that the grayscale fund posting net income for the first time “will be a big signal for the market.”
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Meanwhile, Farside data for February 26 shows the combined revenue of all Bitcoin ETFs in addition to Invesco and Galaxy's $515.5 million in revenue — the highest in two weeks.
ETFs hit combined inflows of $631.3 million on February 13 but struggled to maintain momentum, seeing net outflows of $35.6 million on February 21, a day of relatively large outflows from GBTC and smaller inflows into other funds. .
Fidelity's ETF saw peak inflows of more than $243 million on Feb. 26, accounting for nearly half of the day's net total. It is also FBTC's second highest inflow day after January 17th.
The rest of the net income came from BlackRock's ETFs with ARK Invest and 21Shares funds, which accounted for nearly $112 million and inflows of more than $130.5 million.
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