Grayscale’s Bitcoin exchange-traded fund (ETF) has experienced three consecutive days of decreasing net outflows, reaching a record low of $22.4 million, while other ETFs have seen a two-week high in net inflows. According to data from Farside Investor on February 26, the Grayscale Bitcoin Trust (GBTC) had slowing net outflows on February 22, 23, and 26. The week ended with a daily net outflow of $44.2 million, which further decreased on February 26.
Since January 11, Grayscale has experienced 31 consecutive trading days of outflows, totaling $7.47 billion in drained funds since converting to an ETF. CEO of Bitcoin technology firm Blockstream, Adam Back, expressed his anticipation for a day when GBTC will show an inflow. He believes this could happen if there is enough incentive for traders to arbitrage the ETF.
Henrik Andersson, the Chief Investment Officer at asset manager Apollo Crypto, agrees that when Grayscale’s fund experiences a net inflow, it will send a significant signal to the market.
On February 26, data from Farside showed that all Bitcoin ETFs except Invesco and Galaxy’s had a combined net inflow of $515.5 million, the highest in two weeks. While the ETFs had a combined net inflow of $631.3 million on February 13, they struggled to maintain momentum, experiencing a net outflow of $35.6 million on February 21.
Since their launch on January 11, the ETFs have seen over $6 billion in net inflows. Fidelity’s ETF had the majority of inflows on February 26, with over $243 million, accounting for nearly half of the day’s total. This marked the second-highest inflow day for Fidelity’s ETF, following January 17. The other half of the net inflow came from BlackRock’s ETF, along with ARK Invest and 21Shares fund, which had respective inflows of nearly $112 million and over $130.5 million.