BITCOIN ETFS RETURN TO OUTFLOWS AMID GBTC SALE REVIVAL

Plus BY: NEWSWELCOME.COM FEBRUARY 23, 2024

7

[{"selector":"#anim-6917c366-cc6f-47cb-bcb6-f24b87311456 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-07ede816-477f-4f7d-9974-84d3cf470b71","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ec7fd92b-b4e3-48c1-9b31-7fe845a45722","keyframes":{"transform":["translate3d(0px, 206.22221%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-59be2311-aa9e-41ab-82e7-60f84a31a7fa","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ae57e0db-5118-4ca8-8225-2e4bf5a39105","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-de9b7638-96b2-4fbc-8ba4-238d75fed20a","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-dbfdff9c-6d5b-45fd-8ea0-84a203a775ae","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Bitcoin ETFs experienced net negative outflows for the first time in February, hinting at diminishing interest in these investment vehicles.

6

[{"selector":"#anim-2fa1b44b-b430-40fe-a34e-3b36895c1d4b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(29.635349033913506%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4f664804-df93-48c5-aad4-06a75456902f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5bc0cf5f-1c2a-4fc8-9417-97ac99abd499","keyframes":{"transform":["translate3d(0px, 163.66842%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3e75c09d-06a7-491e-9aac-a3ee76b9e2b0","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9265b96b-bdf5-4760-acc2-b8110416be26","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-adf788f0-fe43-4dbd-85e2-4932733bad7b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-3ae5c7ce-a8b1-4104-b5e0-d30813e16bf9","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The Grayscale Bitcoin Trust (GBTC) saw a substantial outflow of $199.3 million on Wednesday, its largest daily outflow since January 30, surpassing inflows to other Bitcoin ETFs.

5

[{"selector":"#anim-aee7d323-3a8e-48b9-9303-51e12d9ee420 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.287202267403853%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-afa04f4b-2103-405c-a2e8-f2a706c3ec08","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3b193e6b-c10d-4671-9e19-05ad2f0eb413","keyframes":{"transform":["translate3d(0px, 163.66842%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-23117b73-086e-4e22-9ff7-cbc431654b77","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-bd33993b-7e20-4f1a-a265-303877c1034b","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-03ca04ce-e92b-4741-b21c-94679ae5d398","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4791b42b-17a8-4d14-9e7c-eb7c01aa42ac","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Despite BlackRock's fund attracting $96.5 million and Fidelity seeing $52.5 million in flows, all ETFs collectively experienced a net outflow of $35 million.

4

[{"selector":"#anim-a7e74b0e-b8bb-4fc7-be81-afe6fbf08126 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(32.74910490725541%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-83abb27c-e269-4dd5-b94a-833a4b7a9f7c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d1fe4c50-705b-4e9d-b543-d77bcba2e51a","keyframes":{"transform":["translate3d(0px, 163.66842%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b061a80b-7f59-48b1-8516-e7475f6b2ea8","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-6fc6154c-0583-4491-bf35-47324afb4fcf","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-c957eada-9a07-4578-afd5-f552c721f5f9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5f76fcf8-e571-42c0-bc27-fded967c4a71","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Grayscale, particularly, has faced continuous outflows since converting into an ETF, with early investors capitalizing on the arbitrage between its shares and underlying BTC.

3

[{"selector":"#anim-4b7d9421-f6a5-4c25-ba1f-7e18f685deae [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2ca9ddc8-31f3-477b-bc29-dc2cf4f3ab8f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3c380157-9d61-490c-a0ff-ea8c911ee965","keyframes":{"transform":["translate3d(0px, 137.48150%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-99fde40e-93cd-4fee-be6c-fb22d741299d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1742f3be-2dfd-408c-8589-18485beefc9e","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-f638f08a-36f1-40ed-8e00-a40c1a36be50","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a492c267-8603-4988-a119-e707e86001a1","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Genesis, a bankrupt crypto lender linked to Grayscale's parent company, Digital Currency Group (DCG), was approved to liquidate over $1.3 billion worth of its GBTC holdings, potentially adding to sell pressure.

2

[{"selector":"#anim-55be0fb2-ea3a-4ba3-a88d-bed519a7df7d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.287202267403853%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2e55a939-48d6-4220-b245-90f5d486216b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-83fe3dac-38cf-4c9c-8a5d-57f74821aae6","keyframes":{"transform":["translate3d(0px, 278.67867%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f9c9bc89-7a6c-404a-b58f-15a52860e6f9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d2bc4288-0664-43e7-a5fa-f8d0f2191dcb","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-c8029267-a7c7-4f43-a4c7-d83e0347d784","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-40a4b921-8bd8-4367-b6a2-746d71a84c7a","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Bitcoin ETFs have amassed $5 billion in net flows since their launch, equivalent to 104,799 BTC.

1

[{"selector":"#anim-059eabd2-3795-40e2-a9e5-a103cd3c7e39 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-41.59545896079761%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-63956ad6-91a9-4638-af8b-7856aa730a76","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e19f7652-79f9-4253-b21a-e9ba26276b27","keyframes":{"transform":["translate3d(0px, 137.48150%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aaae0fa9-703f-48d2-86f7-f1d7dcbcc5ba","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e72f0acc-d79c-4dff-bb78-c79b4a9d8277","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-0f68f7c9-f759-4936-b2f0-ef5fbb5273df","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9ca6cdb6-e7dd-40f4-b7ed-19d26ade5fcc","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The European Central Bank remains skeptical about Bitcoin's utility despite ETF approvals, describing the asset's rally as a "dead cat bounce" and emphasizing its unsuitability as a global decentralized digital currency.

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[{"selector":"#anim-a59754aa-0c7a-4e1a-9084-bbdff57aa04d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-af8fe4ce-f017-4b3f-b80e-c50ed4f77924","keyframes":{"transform":["translate3d(0px, 314.63856%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more