Key Points:

• Grayscale Bitcoin Trust ETF saw a $303 million outflow on March 8, shifting the Bitcoin ETF asset balance.
• Nine new US Bitcoin ETFs surpass GBTC, managing $27 billion, led by IBIT.
• On March 8, data from BitMEX Research revealed that Grayscale Bitcoin Trust ETF (GBTC) experienced an outflow of $303 million.

Grayscale Bitcoin Trust ETF Outflow Shifts Bitcoin ETF Landscape

This outflow led Farside Investors to note that the total assets of the other nine Bitcoin ETF products have now exceeded those of the Grayscale Bitcoin Trust ETF.

The emergence of nine new spot Bitcoin exchange-traded funds (ETFs) recently approved in the United States has contributed to this shift. Excluding Grayscale, these ETFs now collectively manage assets worth nearly $27 billion, with IBIT leading the pack.

Investor assets exiting Grayscale Bitcoin Trust ETF have surpassed $10 billion, reflecting robust demand for competing offerings. Since converting to an ETF on Jan. 11, the Grayscale Bitcoin Trust ETF has experienced total net outflows exceeding $10.5 billion.

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One factor distinguishing GBTC within the 10-fund US spot bitcoin ETF segment is its 1.5% fee, considerably higher than competitors such as BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC), which carry fees of 0.25%.

While IBIT has garnered nearly $9.7 billion in net inflows over nearly two months of trading, assets flowing into FBTC have reached $6 billion. Although GBTC has seen net outflows daily since Jan. 11, these negative flows decreased to a low of $22 million on Feb. 26.

Grayscale Introduces GDIF for Crypto Income Generation

Recently, Grayscale introduced a new fund, the Grayscale Dynamic Income Fund (GDIF), which stakes cryptocurrencies to generate income.

Initially, the fund will hold assets for nine blockchains, including Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), Near (NEAR), Osmosis (OSMO), Polkadot (DOT), SEI Network (SEI), and Solana (SOL). Its aim is to distribute rewards in U.S. dollars quarterly.