Cheatsheet: Grayscale’s bitcoin outflows hit a new record

MicroStrategy keeps adding to its giant bitcoin stash, with a new buy announced Tuesday

article-image

DCStockPhotography/Shutterstock modified by Blockworks

share

Bitcoin sits around $62,000 after tumbling nearly 7% in the last 24 hours at time of publication. 

Following its newest all-time high — set earlier this month — bitcoin (BTC) has now tumbled 17%. However, as Blockworks reported Monday, Yield App Chief Investment Officer Lucas Kiely thinks that this might just be bitcoin entering the pre-halving “danger zone.”

Ethereum (ETH) also notched losses, trading around $3,200 — down over 8% in the last 24 hours.

Amidst the sea of red in the crypto space, few carved out some gains. Ribbon Finance (RBN) was up 8% in the past 24 hours to $1.35. In 2023, Ribbon Finance had announced its plans to merge into Aevo

Native Aptos token APT was up to $15 on Tuesday, an increase of 7%. Last week, Aptos announced that it was joining Google Cloud’s Web3 startup program in an “expanding partnership.”

Read more: Cryptos, stocks slide as markets brace for upcoming Fed decision

The native token for Stacks, the Bitcoin-adjacent blockchain, was at $2.77, a 4% bump in 24 hours. The token — alongside bitcoin — has seen an impressive rally since the fall of last year, following closely with the bitcoin gains.

Memecoin dogwifhat was one of the leading losers, down 18% over the past 24 hours to roughly $2.30. Jupiter (JUP), however, was leading the pack down 21% to $1.17.

MicroStrategy now owns 1% of bitcoin

Michael Saylor’s company doesn’t care what cycle crypto is in, it just wants to hit that buy button when it comes to bitcoin. 

In the past month, the company made two senior notes offerings totaling $1.4 billion. One was priced at $800 million and the other at $603 million, both of which came in higher than previously expected.

In an update on Tuesday, the firm said it already spent the proceeds on bitcoin. Saylor tweeted that the company acquired 9.245 bitcoin for roughly $623 million between March 11 and March 18. The additional coins were bought for an average price of $67,382. 

The most recent buy puts MicroStrategy’s holdings at 214,246 bitcoins, or roughly 1% of bitcoin. 

However, its buys weren’t enough to turn around the stock, which is down 13% in early Tuesday trading. The stock has been under pressure since Monday morning as bitcoin continues to slide. 

Saylor, in a Securities and Exchange Commission filing on Monday, disclosed that he sold shares of MSTR.

Crypto business

Grayscale saw its biggest day of outflows on Monday with $643 million leaving the bitcoin ETF, according to BitMEX Research. 

Totaling the fund’s outflows, ETF strategist Todd Sohn noted that GBTC has seen the largest outflows for an ETF since 2009. 

Loading Tweet..

The firm has a notoriously high fee for its ETF, much higher than the rest of the ETF group’s tighter spread of fees. However, Grayscale is slightly different from the pack, partially because it converted its Bitcoin Trust to an ETF in January. It’s also the first of the ETF group to launch a so-called mini version of its ETF

While the fee for the second fund hasn’t been disclosed, a source familiar with the matter told Blockworks just last week that it would be lower than GBTC’s fee. 

The outflows don’t stop at Grayscale, however. Yesterday, the group as a whole saw $154 million in outflow, according to BitMEX data. BlackRock still led inflows for the group, though Fidelity notched lower inflows than previous days, only recording $5.9 million. 

Loading Tweet..

MicroStrategy wasn’t the only crypto stock to feel the pain Tuesday morning. 

  • Coinbase was down 9.5% to $216 a share at time of publication.
  • Marathon was down 9.2% to $17 a share. 
  • Core Scientific, Cipher Mining and Riot also notched losses.
  • Griid, however, was up roughly 5% on the day, trading just under $1.

On the ground 

Loading Tweet..
More than a meme
Loading Tweet..
Now that’s spicy

Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

The DeFi Education Fund has ideas on how the crypto-friendly SEC can bring Commissioner Peirce’s vision to life

article-image

“Be prepared to do more with less,” Framework Ventures’ Michael Anderson said

article-image

Q1 may have been “frustrating,” but things are looking brighter for Q2

article-image

Tokens worth 20% of the current supply of the TRUMP memecoin launched by the president are set to be unlocked tomorrow

article-image

A crypto-industry lawsuit is “moot” now that Joint Resolution 25 has been signed into law

article-image

Fed Chair Powell assured markets that the labor market is in “good place,” dependent on price stability