Grayscale’s Crypto ETFs See Significant Asset Decline After Majro Outflows
Grayscale’s cryptocurrency investment products, particularly its Ethereum and Bitcoin ETFs, have seen a notable decline in assets. Recent figures indicate that Grayscale’s total holdings have dipped below $20 billion.
Recent figures indicate that Grayscale’s total holdings have dipped below $20 billion.
This downturn is largely due to continuous outflows from its crypto ETFs. In the past week, the Ethereum Trust (ETHE) and Bitcoin Trust (GBTC) recorded net outflows of $10.7 million and $52.9 million, respectively, as of September 6.
Recent data highlights that the Grayscale Bitcoin Trust (GBTC) witnessed an outflow of $280 million last week, with $52.9 million withdrawn on Friday alone. This significant movement has contributed to a steep drop in the fund’s total assets.
READ MORE:
Here Are the Factors That May Have Contributed to the Bitcoin Price DropOverall, Bitcoin ETFs have seen $706 million in outflows over the past week.
Meanwhile, Arkham’s data shows that Grayscale’s overall holdings have now fallen below $20 billion, reflecting a broader decline in interest for Bitcoin ETFs amidst the ongoing crypto market downturn.
The market decline has been especially challenging for GBTC, which, despite its early success, has struggled to retain its asset base.
Similarly, Grayscale’s Ethereum Trust (ETHE) has also experienced outflows, with $10.7 million withdrawn on September 6. This has further pressured Grayscale’s asset management, with ETHE being the only Ethereum ETF to experience outflows that day.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New Zealand Dollar plunges after RBNZ raises OCR by 25 bps to 2.75%
Palo Alto Networks’ Console deal maps onto a $2.59 trillion AI market
Software Stock MongoDB Q2 Revenue Surges 30%, Profit Beats Expectations by 19%, but Shares Sold Off After Hours
MongoDB's revenue for the second quarter was $772 million, and adjusted earnings per share were $1.90, both significantly exceeding market expectations. Atlas cloud database revenue reached $566 million, the number of customers reached 69,300, and RPO was $1.52 billion, with all operational indicators performing strongly. However, the stock price fell sharply by nearly 14% after hours, mainly because it had already risen 26.7% in the previous month, with market expectations having been priced in in advance.
Crypto prices
More
