Grayscale Bitcoin Trust (GBTC), which was converted into a spot Bitcoin ETF, is persistently dragging down Bitcoin, with a significant outflow of $590 million on its sixth trading day, escalating the total withdrawals to $2.8 billion. The selling pressure induced by GBTC could continue for at least another 3-5 weeks, according to market experts.
Data reveals that GBTC experienced substantial outflows since its market debut, averaging around $550 million daily. Analysts speculate that if the outflow persists at this rate, the negative impact on Bitcoin could cease within 9 weeks. However, this is a hypothesis, and a complete depletion of the fund is not anticipated.
In contrast, other spot Bitcoin ETFs have seen positive inflows. Bitwise’s BITB attracted $56 million on its sixth trading day, reaching a total of $450 million over six days. VanEck’s HODL saw an inflow of $14.2 million, surpassing a total of $39.3 million, while WisdomTree’s BTCW reported an inflow of $2.9 million on the same day.
Ark Invest’s ARKB experienced an inflow of $62.6 million, bringing its six-day total to over $382 million. Fidelity’s FBTC saw a substantial influx of over $222 million, and Invesco’s BTCO received $63.4 million on the sixth day of trading.
While data for Franklin’s EZBC and BlackRock’s IBIT on their sixth trading day is pending, expectations are high, particularly for IBIT, with anticipated inflows exceeding $250 million.