Feb 27, 2024

GBTC Outflow Hits Record Low of $22M, Signaling Potential End to Bitcoin Bleed

GBTC hits lowest-ever $22M outflow, raising hopes for end to Bitcoin bleed

Grayscale’s Spot Bitcoin ETF Sees Record Low Outflows as Web 3.0 Crypto Tokens Gain Momentum

The Grayscale Bitcoin Trust (GBTC) has experienced its third consecutive day of decreasing net outflows, reaching a record low of $22.4 million. This comes as other ETFs in the market see a surge in net inflows, with a two-week high recorded.

According to data from Farside Investor on February 26, the GBTC saw a slowdown in net outflows on February 22, 23, and 26. The week ended with a daily net outflow of $44.2 million, which further halved on the 26th.

Despite this, Grayscale has seen a total of 31 consecutive trading days of outflows since its conversion to an ETF on January 11, amounting to a total of $7.47 billion drained from the ETF.

On the other hand, Blockstream CEO Adam Back took to X on February 26 to express his anticipation for the day when the GBTC will show an inflow.

As the market shifts towards web 3.0 technology, crypto tokens such as WAX, ZIL, XCN, and WLUNA are gaining momentum. These top 5 web 3.0 crypto tokens present lucrative investment opportunities, especially with the rise of AI writing articles and Tesla’s AI Day event.

Web 3.0 Crypto: The Potential for Growth and Investment Opportunities

According to experts, the addition of a Bitcoin ETF could potentially lead to a surge in the market, with traders being incentivized by just enough premium to engage in arbitrage. Henrik Andersson, CIO of Apollo Crypto, agrees that the first net inflow for Grayscale’s fund will be a major signal for the market.

Meanwhile, data from Farside on February 26th shows that all Bitcoin ETFs, except for Invesco and Galaxy’s, saw a combined net inflow of $515.5 million – the highest in two weeks. Although the ETFs experienced a combined net inflow of $631.3 million on February 13th, they have struggled to maintain that momentum. On February 21st, there was even a net outflow of $35.6 million due to a larger outflow from GBTC and smaller inflows to other funds.

With the growing interest in Web 3.0 technology and the rise of AI writing articles, there is no doubt that the potential for growth in the crypto market is immense. Some of the top Web 3.0 crypto tokens to keep an eye on include WAX, ZIL, XCN, and WLUNA. And with Tesla’s recent AI Day, it’s clear that the company sees the potential for Web 3.0 and is investing in its development. As more and more investors recognize the potential of Web 3.0, there will be even more investment opportunities in the crypto space.

Fidelity’s ETF experienced the majority of the inflows on February 26, totaling over $243 million and accounting for almost half of the day’s net inflow. This marks the second-highest inflow day for FBTC, following January 17.

The remaining half of the net inflow was split between BlackRock’s ETF, ARK Invest, and 21Shares fund, which saw inflows of approximately $112 million, $130.5 million, and $243 million, respectively.

Investors are also showing interest in web 3.0 technology, with popular tokens such as WAX, ZIL, XCN, and WLUNA experiencing significant growth. As the demand for AI-written articles increases, companies like Tesla are hosting AI days to showcase their advancements. With the rise of web 3.0, there are plenty of investment opportunities available, including the top 5 web 3.0 crypto tokens to watch out for.

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