Outflows from Grayscale Bitcoin ETF are Starting to Decrease
Since the approval of the spot ETF, the performance of Bitcoin has disappointed many market participants, with many expecting it to lead to an immediate price increase. According to the latest data, the Bitcoin trading price is $42,270, a 13% drop from the day the ETF was approved.
As widely reported, the outflows from Grayscale Bitcoin Trust (GBTC) are the main reason for the decline, as the trust has converted to a spot ETF. According to data analyzed by SoSo Value from CoinOtag, $5 billion worth of Bitcoin has left the fund since the conversion.
Following the conversion to an ETF, GBTC shareholders have started to profit as they are able to access previously restricted assets. Despite Grayscale still holding over 500,000 Bitcoins at the time of writing, concerns remain about the long-term bearish market conditions.
However, in the past few days, the outflow rate has significantly decreased. According to CoinOtag's analysis, daily outflows have reduced from $640 million at the beginning of last week to $255 million by the end of the weekend.
James Butterfill, head of research at Coinshares, also mentioned this gradual decrease in an article on the X platform. Additionally, all recently launched Bitcoin spot ETFs recorded net inflows after four consecutive days of outflows on January 26.
Selling Pressure on Bitcoin Begins to Ease
Preliminary signs of Bitcoin breaking through $42,000 on the same day indicate that selling pressure may be starting to ease. Meanwhile, influential whale investors are disregarding short-term fluctuations and continue to accumulate large amounts of Bitcoin.
According to CoinOtag's analysis of Glassnode data, the number of entities holding at least 1,000 Bitcoins has reached its highest level since May 2022. This trend has been bullish since the approval of the spot ETF.
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