The GBTC “mass exodus” may be showing signs of slowing, but that hasn’t stopped Bitcoin from falling to two-month lows on Jan. 23.
A multibillion-dollar guessing game over an investor exodus from Grayscale’s Bitcoin Trust (GBTC) has pushed the price of Bitcoin (BTC) below $39,000 for the first time in nearly two months.
Since its successful conversion to a spot Bitcoin exchange-traded fund (ETF) on Jan. 11, GBTC has posted over $3.4 billion in outflows, with Grayscale subsequently depositing billions in Bitcoin to crypto exchange Coinbase Prime — likely for sale.
However, there are fears that the GBTC exodus still has a longer road to travel. According to Bloomberg ETF analyst Eric Balchunas, GBTC recorded an outflow of $515 million on Jan. 23 and has now bled 13% of its shares outstanding. He noted, however, that the latest figures suggest the outflow could be slowing.
