Grayscale GBTC Bitcoin spot ETF market share collapsed from 99.5% to 47.9%! Capital outflow exceeds 10 billion

This site (120btC.coM): According to Dune Analytics data, when the 10 Bitcoin spot ETFs were launched on January 11, GBTC’s market share reached 99.5%, but as of On March 12, the asset management scale managed by GBTC has dropped to US$28.5 billion, accounting for 48.9% of the total assets of the 10 Bitcoin spot ETFs of US$56.7 billion.

Bitcoin spot ETF asset management size market share distribution

Before the SEC approved the Bitcoin spot ETF, Grayscale had always been the largest holder of Bitcoin. One of them, and because GBTC is a trust fund and cannot be redeemed, Grayscale’s Bitcoin holdings have only increased. However, since the application for converting GBTC into a Bitcoin spot ETF was approved, since the ETF is a fund with redeemable attributes, Grayscale’s Bitcoin holdings began to decline rapidly.

Last week, GBTC’s average daily capital outflow reached US$329 million. Cointelegraph reported that in the first month of the listing of spot ETFs, GBTC’s capital outflow was the largest, with about US$7 billion flowing out in one month. But outflows began to slow in late January, leading some analysts to believe they may be coming to an end.

In mid-February, the court approved the sale of GBTC shares by Genesis, a cryptocurrency lender in bankruptcy proceedings, worth approximately $1.3 billion at the time. This decision resulted in a rapid outflow of funds from GBTC, which has totaled more than $11 billion to date, reducing its assets under management to $27.68 billion.

To date, the total net inflow of spot ETFs has exceeded US$11.1 billion

Although GBTC funds continue to flow out, other spot ETFs have continued to inflow. According to SoSoValue data, since the listing of Bitcoin spot ETFs, The combined net inflow of all Bitcoin spot ETFs was US$11.14 billion. On the 12th, the single-day net inflow reached US$1.05 billion, setting a single-day record.

Bitcoin spot ETF fund inflow and outflow statistics

Since its listing, BlackRock’s “iShares Bitcoin Trust (IBIT) and Fidelity’s” Wise Origin Bitcoin Fund (FBTC)" has the largest net inflows, creating a total of US$16.9 billion in capital inflows so far.

According to data from K33 Research, BlackRock's IBIT currently holds approximately 203,756 Bitcoins, with a net inflow of 6,977 Bitcoins yesterday. Its current holdings are worth approximately US$14.3 billion.

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