{"id":9461,"date":"2024-02-13T14:21:24","date_gmt":"2024-02-13T14:21:24","guid":{"rendered":"https:\/\/newsbuzz24x7.com\/grayscale-gbtc-outflow-slows-as-premium-enters-positive-range\/"},"modified":"2024-02-13T14:21:24","modified_gmt":"2024-02-13T14:21:24","slug":"grayscale-gbtc-outflow-slows-as-premium-enters-positive-range","status":"publish","type":"post","link":"https:\/\/newsbuzz24x7.com\/grayscale-gbtc-outflow-slows-as-premium-enters-positive-range\/","title":{"rendered":"Grayscale GBTC Outflow Slows as Premium Enters Positive Range"},"content":{"rendered":"<p><\/p>\n<div>\n<p><b>The tides are gradually turning in favor of Grayscale Bitcoin Trust (GBTC) with the Exchange Traded Fund (ETF) now recording positive Premium.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Since the spot Bitcoin ETF products were <\/span><span style=\"font-weight: 400;\">greenlighted<\/span><span style=\"font-weight: 400;\"> by the US SEC, Grayscale\u2019s GBTC has recorded substantial outflows. The product\u2019s substantially high fees of 1.5%, much higher than others, resulted in an exodus of investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The tides are, however, changing with the outflows in reversal mode. CryptoQuant co-founder and CEO Ki Young Ju called attention to this trend change earlier on X.<\/span><\/p>\n<h2>Grayscale GBTC by the Data<\/h2>\n<p><span style=\"font-weight: 400;\">As of the <\/span><span style=\"font-weight: 400;\">last update<\/span><span style=\"font-weight: 400;\"> from CryptoQuant, Grayscale\u2019s GBTC is the second-largest Spot Bitcoin ETF on the US market by daily trading volume. BlackRock\u2019s IBIT secures first, with a volume pegged at 20,652,092 shares. GBTC\u2019s volume comes in at 12,481,792 shares.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Grayscale&#8217;s $GBTC outflows are decreasing, and its price premium recently turned positive.https:\/\/t.co\/vsrtd2gDhS pic.twitter.com\/RGKiMHdKGt<\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) February 12, 2024<\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">However, riding on its advantage as a pioneer in the Bitcoin Trust marketplace, Grayscale far outranks other issuers, including BlackRock and Fidelity Investments, in terms of BTC holdings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, Grayscale\u2019s GBTC currently holds 466,534.7901 BTC. For comparison, BlackRock\u2019s ETF tops 87,779 BTC, while FBTC from Fidelity holds 73,390 BTC.<\/span><\/p>\n<p><span class=\"td-adspot-title\">&#8211; Advertisement &#8211;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Premium metric determines if the price of the ETF is trading above its Net Asset Value (NAV), while Discounts indicate if the price is below the NAV. At the moment, Grayscale\u2019s GBTC Premium reading comes in at 0.03. While that of BlackRock and Fidelity are 0.06 and 0.004, respectively.<\/span><\/p>\n<h2>Grayscale Drag Back and Bitcoin Outlook<\/h2>\n<p><span style=\"font-weight: 400;\">Grayscale is an established Web3 giant that is currently facing a significant headwind, especially concerning its parent company, Digital Currency Group (DCG).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the <\/span><span style=\"font-weight: 400;\">many operational woes<\/span><span style=\"font-weight: 400;\"> the parent firm is passing through, it reported better-than-expected figures in its Q4 2023 revenue which moved from $132 million in 2022 to $210 million in 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The positive uptick was attributed to the recovery in the price of Bitcoin. With the premier cryptocurrency now sailing above the $50,000 range, more upside might be ahead for GBTC and DCG soon.<\/span><\/p>\n<div class=\"td-a-ad id_bottom_ad \"><span class=\"td-adspot-title\"\/><\/p>\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline; color: #000000; background-color: #ffffff;\"><strong>Follow Us<\/strong> on Twitter and Facebook.<\/span><\/p>\n<p style=\"text-align: left;\"><strong>Disclaimer<\/strong>: This content is informational and should not be considered financial advice. The views expressed in this article may include the author&#8217;s personal opinions and do not reflect The Crypto Basic\u2019s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.<\/p>\n<p style=\"text-align: center;\">-Advertisement-<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n#Grayscale #GBTC #Outflow #Slows #Premium #Enters #Positive #Range<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tides are gradually turning in favor of Grayscale Bitcoin Trust (GBTC) with the Exchange Traded Fund (ETF) now recording positive Premium. Since the spot Bitcoin ETF products were greenlighted by the US SEC, Grayscale\u2019s GBTC has recorded substantial outflows. The product\u2019s substantially high fees of 1.5%, much higher than others, resulted in an exodus&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-9461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"_links":{"self":[{"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/posts\/9461"}],"collection":[{"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/comments?post=9461"}],"version-history":[{"count":0,"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/posts\/9461\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/media\/5642"}],"wp:attachment":[{"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/media?parent=9461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/categories?post=9461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsbuzz24x7.com\/wp-json\/wp\/v2\/tags?post=9461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}