How much of Greyscale’s GBTC outflow was recorded in the last 7 days

The Greyscale Bitcoin Trust (GBTC) has recorded massive inflows after the United States Securities and Exchange Commission (SEC) approved its conversion and listing as a Bitcoin Exchange Traded Fund (ETF). This has led to a significant drop in Bitcoin (BTC) reserves, and from the perspective of things, withdrawals are not slowing down.

According to data shared by Ki Young Joo, founder and CEO of on-chain analytics platform CryptoQuant, GBTC's BTC holdings have dropped by 15% over the past seven trading days.

GBTC's Bitcoin Stash is down 15%

An on-chain analysis revealed that Greyscale's ETF has lost more than 95,600 BTC since its January 11 release on national securities exchanges.

On January 16, 18, 22, 23, and 24, the highest outflows of 13,793 BTC, 14,301 BTC, 14,292 BTC, 15,986 BTC, and 13,179 BTC were recorded by the fund. The lowest outflow recorded was 2,083 BTC on the day the ETF went live.

While GBTC's BTC holdings are declining, the numbers of the other eight ETFs are increasing. Since their launch, the products have increased their holdings to over 110,000 BTC. While GBTC was down around 13,179 BTC yesterday, others added 8,251 BTC to their holdings, with Fidelity's FBTC recording the highest increase of 4,023 BTC.

CryptoQuant's founder asks, “What's their plan?” He expressed his concern.

GBTC sales affect BTC.

At the beginning of the year, the initial reserves of GBTC were approximately 619,162 BTC worth approximately $25 billion. As the exchange-traded product experienced roughly $4 billion in outflows, about $21 billion in shares could be lost.

Crypto market analysts have predicted that the price of BTC may stagnate or fall until the completion of the $21 billion liquidation due to selling pressure in the process. BTC fell below $40,000, losing almost 20% of its value as it jumped above $49,000 following the SEC's approval of the ETF.

However, Galaxy Digital founder Mike Novogratz has pushed back against the idea, telling investors to turn their attention to alternative ETFs, leading to a rally in bitcoin prices.