Since its launch on January 11, 2024, over $21 billion has been withdrawn from the Grayscale Bitcoin Trust (GBTC), making it the only spot Bitcoin exchange-traded fund (ETF) in the United States with a negative net investment flow. As of December 16, GBTC’s total outflows amounted to $21.045 billion, with the trust losing a daily average of approximately $89.9 million for over 11 months.
While the remaining 10 spot Bitcoin ETFs approved in the US maintain a positive balance sheet, GBTC’s outflows overshadow the investments brought in by nine of the funds. The total spot Bitcoin ETF market has surged, reaching over $35.5 billion in investments in under a year.
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