GBTC net outflows reach $10 billion two months after ETF conversion

The Grayscale fund has averaged daily net outflows of about $338 million this week, BitMEX Research data shows

article-image

Artwork by Crystal Le

share

Investor assets that have exited Grayscale Investments’ spot bitcoin ETF surpassed $10 billion on Thursday while demand for several competing offerings remains strong.

The Grayscale Bitcoin Trust ETF (GBTC) bled $375 million on Thursday, according to BitMEX Research data — bringing its total net outflows to more than $10.2 billion since converting to an ETF on Jan. 11. 

GBTC has been an outlier within the 10-fund US spot bitcoin ETF segment given its 1.5% fee that is significantly higher than competitors. 

Read more: Why the planned fee for Grayscale’s bitcoin ETF is much higher than others

BlackRock’s fast-growing iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC), for example, each carry fees of 0.25%.

While IBIT has notched $9.7 billion of net inflows after nearly two months of trading, assets flowing into FBTC hit $6 billion Thursday. 

Net inflows into US spot bitcoin ETF — even with GBTC’s outflows weighing down the category — sit at nearly $9.4 billion to date. 

Though GBTC has seen net outflows on every trading day since Jan. 11, those negative flows dipped to a low of $22 million on Feb. 26. 

Sumit Roy, senior analyst at ETF.com, told Blockworks at the time that the initial selling by arbitrageurs and those wanting to move to cheaper funds was “largely over.”

But GBTC outflows picked up again, ballooning to nearly $600 million on Feb. 29. The fund’s average daily net outflows during this week’s first four days amount to $338 million, BitMEX Research data indicates.

Read more: Bitcoin ETF net inflows stay positive despite GBTC $600M exodus

Some industry watchers in X posts last week speculated that the outflows uptick could be driven in part by bankrupt lender Genesis, which was granted approval earlier this month to offload roughly $1.6 billion worth of GBTC shares. A Genesis spokesperson did not return a request for comment. 

Despite the more than $10 billion of net outflows over the last two months, GBTC’s assets under management have dipped only marginally over that span — from about $28 billion to $27 billion — given BTC’s price jump in recent weeks.

BTC reached an all-time high just above $69,000 on Tuesday before reverting toward $60,000 later that day. 

The asset’s price was at about $67,400 at 6 a.m. ET Friday — up more than 8% from a week ago.


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

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

article-image

As uncertainty reigns, the Philly Fed manufacturing index fell to a multi-year low, but layoffs have slowed

article-image

Base launched two tokens as part of its ethos that everything can be tokenized, but the move sent Crypto Twitter reeling

article-image

The Arbitrum-based perps DEX recently launched its points campaign