Outflows from Greyscale Bitcoin Trust ETFs exceed $21 billion in less than a year.

Since its launch on January 11, 2024, the Greyscale Bitcoin Trust (GBTC) has experienced withdrawals of more than $21 billion, marking the first spot Bitcoin exchange-traded fund in the US to experience a negative net investment flow.

GBTC loses millions of dollars in investment each day, adding up to a total outflow as of December 16 stood at $21.045 billion. More than 11 months now, with data from Farside Investors showing GBTC an average loss of nearly $89.9 million each day, it has been so far in the period.

The New York Times, ETFs for Ethereum, Bitcoin
The outflows of GBTC easily outweigh the investments, though the balance sheets of the ten spot Bitcoin ETFs that are still authorized in the US are positive.

Other spot Bitcoin ETFs are in the shadow of Grayscale's $21 billion outflows.

In total, the recent nine Greyscale Bitcoin Mini Trust ETF (BTC), VanEck Bitcoin ETF (HODL), WisdomTree Bitcoin Fund (BTCW), Franklin Bitcoin ETF (EZBC), Valkyrie Bitcoin Fund (BRRR), Invesco Galaxy Bitcoin ETF (BTCO), Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin ETF (BITB), and ARK 21Shares Bitcoin ETF have raised $20.737 billion.

On the other hand, BlackRock's iShares Bitcoin Trust (IBIT) is an important aspect to keep a positive balance sheet. IBIT has taken in around $153.3 million per day since its inception, amounting to an inflow of $35.883 billion.

Notice how the Bitcoin ETFs increase to $35.5 billion even as Grayscale withdraws investments.

In less than a year, the total spot Bitcoin ETF market has grown to almost $35.5 billion in assets, despite the billions of dollars in outflows.

Like its Bitcoin equivalent, Grayscale's Ethereum Trust ETF (ETHE), which was launched in the US together with eight other spot Ether ETHUSD ETFs, is trending in the same direction.

Since its July 23 launch, ETHE has hemorrhaged more than $3.5 billion in less than six months as of December 13.

Investments of about $3.2 billion and $1.4 billion, respectively, in BlackRock's iShares Ethereum Trust ETF (ETHA) and Fidelity Ethereum Fund (FETH) are driving the positive inflow for all other funds on the spot ETH ETF ecosystem.

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