JPMorgan says GBTC outflows ‘continue to slow’

The hype around bitcoin ETFs is fading, analysts noted

article-image

24K-Production/Shutterstock modified by Blockworks

share

JPMorgan analysts said that Grayscale’s bitcoin ETF’s outflows “continue to slow.”

Analysts led by Kenneth Worthington found that the spot bitcoin ETF saw roughly $15 million of net sales on Friday.

“Friday’s net inflows reversed the four-day streak of redemptions,” though the analysts note that the size of sales “remains small.”

Read more: Bitcoin ETF Tracker

While the outflows from Grayscale have slowed, as expected by JPMorgan, BlackRock’s bitcoin ETF sales have also decelerated. 

According to Bloomberg Intelligence analyst James Seyffart, outflows from GBTC have now topped $5 billion. Gross flows, however, stand at $5.8 billion for the other bitcoin ETFs. In the 11 days since the ETFs launched, the group has seen net inflows of $759 million.

Loading Tweet..

“As we’ve been seeing transaction volumes slowing this past week, we think we are perhaps seeing indication of the hype around these ETFs abating and entering a perhaps more normalized flow environment,” Worthington wrote. Seyffart also noted the slowing volume.

Analysts at the investment bank said in a note last week that they expected the profit-taking in GBTC to slow, which would also limit further downside for bitcoin. 

Read more: Bitcoin ETFs see net outflows for 4 straight days

The analysts, led by Nikolaos Panigirtzoglou, added that GBTC’s high fee of 1.5% could prompt investors to swap Grayscale’s fund out for an ETF with a lower fee. To put Grayscale’s fee into perspective, BlackRock’s fund, in comparison, carries a fee of 0.25%.

VanEck’s head of digital assets told Blockworks last week that the flows remained in line with expectations.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

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.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

Sponsored

Injective is not waiting for the future of finance. It is bringing it directly to us, today.

article-image

Bitcoin has been bullish for nearly 1,000 days

article-image

Robinhood announced that it’s building an L2 and also plans to launch staking for US users

article-image

“We’re not really doing anything controversial,” said co-founder Zak Folkman at Permissionless last week

article-image

Why equities are more stable than in past decades, plus advice from Peter Lynch

article-image

As Permissionless speakers talk on-chain RWA potential, tokenized stock platform Dinari secures FINRA broker-dealer approval