On January 24, Bitcoin spot ETFs experienced a significant milestone with the largest single-day total net outflow recorded at $159 million, as reported by the analytics platform Alpha. The Grayscale ETF emerged as the leader in net outflows, totaling $429 million since its launch. Notably, all ETFs, excluding Grayscale, showed net inflows of $270 million.
This data comes alongside a consecutive decrease in outflows from the Grayscale Bitcoin Trust (GBTC) for the second day, marking the lowest figure since the launch of spot Bitcoin ETFs in the United States. Bloomberg analyst Eric Balchunas highlighted a discernible “downward trend” in GBTC outflows, although he emphasized that liquidations remain substantial.
On January 23, GBTC recorded an outflow of $515 million, following a $640 million outflow on January 22. Over nine trading days, the Bitcoin Trust lost a total of 106,092 BTC, equivalent to approximately $4.4 billion.
Despite the challenging landscape, Grayscale CEO Michael Sonnenshein expressed skepticism regarding the prospects of the 11 spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC). Sonnenshein opined that only “two or three exchange-traded funds will probably achieve some critical mass,” suggesting that the majority might face challenges in gaining widespread adoption.
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