Grayscale’s Bitcoin Trust (GBTC) experienced an outflow of $579 million in its first days of trading after redemption was opened under the U.S. SEC approval.
The newly launched spot Bitcoin exchange-traded funds (ETFs) have seen inflows totaling $1.4 billion in the first two trading sessions, according to Bloomberg ETF analyst Eric Balchunas.
A total of 500,000 trades were made on the funds, totaling a trading volume of $3.6 billion, according to data from Bloomberg. Trading volume considers the outflows and inflows from the funds. Balchunas suggested the numbers may be adjusted due to transactions awaiting accounting settlement.
The data reveals Grayscale's ETF, the Grayscale Bitcoin Trust (GBTC), experienced an outflow of $579 million during the period. After deducting the outflows from GBTC, the net total inflows across the products stood at $819 million. The funds' initial activity is so far aligned with previous predictions from ETF analyst James Seyffart, who believes Bitcoin ETFs could attract around $10 billion in the first year.
