Grayscale's spot Bitcoin and Ethereum ETFs have seen combined outflows of more than $20 billion
Grayscale Investments, an asset management company, has seen combined outflows of more than $20.4 billion from its spot Bitcoin and Ethereum ETFs. Since its launch on January 11, Grayscale's spot Bitcoin ETF "GBTC" has lost an average of about $137.7 million per day in nearly seven months.
As of July 29, GBTC had total outflows of $18.86 billion. In contrast, the other nine Bitcoin ETFs approved in the United States at the same time all maintained positive balances. The newly launched Grayscale Ethereum Trust (ETHE) has performed comparable to GBTC in terms of investment outflows. Grayscale's Ethereum ETF lost $1.72 billion in funds in five days, bringing Grayscale's total cryptocurrency ETF outflows to $20.58 billion.
In the process, Grayscale lost 18.7% of its initial seed fund of nearly $9.2 billion.