BlackRock Bitcoin ETF Surpasses $2 Billion in Assets as GBTC Outflows Decrease by 50%

Bitcoin has surged to $43,000 as we enter the FOMC week, and the initial week of ETF flows has concluded.

Seemingly, the Bitcoin ETFs have been comfortably able to absorb the GBTC outflows.

After a positive weekly close, the leading cryptocurrency encountered familiar challenges at the start of the new week, marked by a resurgence in outflows from the Grayscale Bitcoin Trust (GBTC). The outflows amounted to $360 million on the day, as of the latest available data, representing a further decline from the preceding daily total and approximately 50% of the highest daily outflows recorded.

For the day, James Seyffart, an analyst at Bloomberg Intelligence, highlighted that over $5 billion had exited GBTC since its transition to an ETF. On January 26, during the latest complete day of trading, spot Bitcoin ETFs collectively experienced net inflows of $759 million, despite the challenges posed by GBTC.

According to information provided by BlackRock, the iShares Bitcoin Trust (iBIT) ETF, managed by the asset manager, possessed over 52,000 BTC valued at more than $2 billion on that particular day.

These figures gained widespread attention on social media, where prominent investor Rajat Soni emphasised the considerable implied buy volume in comparison to Bitcoin’s daily issuance.

“Right now only 900 BTC are being issued every day. Blackrock clients alone are buying 2-5x the total daily production of BTC,” he calculated.

Are you selling your Bitcoins to Blackrock, Anon?

I hope not.