Major Withdrawals Hit Bitcoin and Ethereum ETFs, Led by Grayscale Outflows
Recent insights from Lookonchain, shared via Odaily, highlight significant capital movement out of major cryptocurrency ETFs, particularly those focused on Bitcoin and Ethereum.
Ten U.S.-listed Bitcoin ETFs collectively saw a net outflow of 567 BTC, marking a substantial reduction in investor confidence or profit-taking behavior. Among these, Grayscale's GBTC led the exodus, with a withdrawal of 324 BTC, leaving its current holding at 192,233 BTC, which holds a market value of approximately $15.06 billion.
The trend was mirrored in the Ethereum market, where nine Ethereum ETFs recorded a net outflow of 397 ETH. Again, Grayscale's ETHE was at the forefront, responsible for 247 ETH of the total outflows. Despite the movement, Grayscale ETHE maintains a substantial reserve of 1,200,009 ETH, translating to an estimated value of $1.84 billion.
These outflows may reflect shifting investor sentiment, broader market trends, or portfolio rebalancing strategies amid fluctuating crypto prices. The consistent dominance of Grayscale in both the Bitcoin and Ethereum ETF spaces, despite recent reductions, underscores its pivotal role in institutional crypto investments.
