Grayscale Bitcoin Trust Shares Plunge as Outflows Continue

The Bloomberg Terminal account on the X platform has reported that the share price of Grayscale Bitcoin Trust has dropped a substantial 11% premarket. It is currently changing hands at $53,22 per share.

This happened after Grayscale’s spot Bitcoin ETF faced another major outflow on July 30. On the same day, it also lost a massive amount of Ethereum from its second recently converted spot ETF.

🔸GRAYSCALE BITCOIN TRUST SHARES DROP 11% PREMARKET

— *Walter Bloomberg (@DeItaone) July 30, 2024

Grayscale BTC ETF shares plummet as withdrawals continue

According to a tweet published by the @lookonchain analytics account, on Monday, July 29, nine spot Bitcoin ETFs saw a cumulative positive netflow of 601 Bitcoin evaluated at more than $41.32 million.

BlackRock’s IBIT ETF registered a massive 341 BTC inflow worth $23.5 million. Now, this largest spot Bitcoin fund holds 338,470 Bitcoins in total. It is the equivalent of a mind-blowing $23.28 billion.

However, the Bitwise ETF dwarfed IBIT’s daily inflow with 463 BTC. So did Invesco Galaxy Bitcoin ETF, as it saw 354 Bitcoin coming in on Monday. However, BlackRock remains the biggest Bitcoin spot ETF as, over the last week, according to Lookonchain, it accumulated a whopping 11,290 BTC.

As for Grayscale, its spot Bitcoin ETF saw an outflow of 623 Bitcoin.

Grayscale Ethereum ETF loses big ETH chunk

The same account reported daily inflows registered by the spot Ethereum ETFs. Grayscale has seen a massive 111,023 ETH outflow – this amount of crypto is equal to $369.7 million. The fund currently holds 2,280,661 ETH, worth close to $7.6 billion.

July 29 Update:

9 #Bitcoin ETFs
NetFlow: +601 $BTC(+41.32M)🟢#iShares(Blackrock) inflows 341 $BTC($23.5M) and currently holds 338,470 $BTC($23.28B).

9 #Ethereum ETFs
NetFlow: -44,413 $ETH(-147.9M)🔴#Grayscale outflows 111,023 $ETH($369.7M) and currently holds 2,280,661… pic.twitter.com/HaTV6CXevp

— Lookonchain (@lookonchain) July 29, 2024

However, Grayscale Ethereum Mini Trust has welcomed 18,601 ETH. BlackRock’s Ethereum fund sucked in a whopping 26,667 ETH equal to $89,262,449.

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