Summary
Grayscale’s GBTC has seen billions in outflows since U.S. spot Bitcoin ETFs started trading, but CEO Michael Sonnenshein claims outflows are approaching “equilibrium.” He attributes outflows to bankruptcies and switch trades. Grayscale plans to launch a lower-cost Bitcoin Mini Trust to attract more investors. GBTC outflows continue, with almost $155 million leaving the fund daily. Sonnenshein says Grayscale will continue to innovate and attract more investors to the crypto ecosystem.
Key Points
1. Grayscale’s GBTC has seen billions of dollars in outflows since the U.S. spot Bitcoin ETFs began trading in January.
2. Grayscale CEO Michael Sonnenshein claims that outflows from the fund are approaching “equilibrium” and that outflows were anticipated due to various factors like bankruptcies and switch trades.
3. Grayscale has filed for a Bitcoin “Mini Trust” to counter the ongoing outflows from its main product and is looking to bring more investors into the cryptocurrency ecosystem through innovative products.