- Grayscale saw over $600 million leave its spot BTC ETF on February 29.
- The total outflow from GBTC has been $8.4 billion since January 11.
- Grayscale has urged the SEC to greenlight options on its spot BTC ETF.
Grayscale, a leading digital asset management firm, has witnessed another day of significant outflows from its spot Bitcoin exchange-traded fund (ETF), with over $600 million going out from its Grayscale Bitcoin Trust (GBTC).
According to the data from Farside Investors, Grayscale saw $600 million leave GBTC on February 29. Its total outflow is around $8.4 billion since the first trading day on January 11.
Meanwhile, on the same day, the other ETFs recorded significant inflows, with 8 ETFs adding 14,934 BTC worth $940 million. The iShares Bitcoin Trust (IBIT) by BlackRock, the world’s largest asset management firm, added 10,140 BTC worth $638 million, followed by Fidelity’s FBTC adding 4,066 BTC worth $255.9 million.
As reported earlier, spot BTC ETFs saw a whopping $7.69 billion being traded on Wednesday, breaking their volume record by over one and a half times.
It is important to note that, as per Reuters, Grayscale Investments urged the United States Securities and Exchange Commission (SEC) to greenlight options on its spot BTC ETF, allowing it to offer access to a new class of investors.
Grayscale CEO Michael Sonnenshein claimed that the SEC’s rejection of options on GBTC, would “unfairly discriminate” against its shareholders. The executive emphasized that the securities regulator had previously approved options on Bitcoin futures ETFs.
“It is vital to the interests of GBTC and all spot Bitcoin [exchange-traded product] investors to access exchange-listed options on GBTC and other spot Bitcoin ETPs,” Sonnenshein said.Notably, Bitcoin is on a winning streak, recording a two-year high earlier this week. As per the data from CoinMarketCap, BTC is currently up by more than 19% in the past seven days and has a market capitalization of $1.2 trillion, making it one of the most valuable assets in the world.
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