Grayscale’s Spot Bitcoin ETF Market Share Drops Below 50%
Grayscale’s spot Bitcoin exchange-traded fund (ETF) has lost its majority market share for the first time since the launch of US spot Bitcoin ETFs on January 11.
On March 12, its Grayscale Bitcoin Trust (GBTC) reported a total of $28.5 billion in assets under management (AUM), making up 48.9% of the combined $56.7 billion held by ten US-based Bitcoin ETFs according to Dune Analytics data.
On the first day of trading, GBTC accounted for about 99.5% of the AUM for the ten US Bitcoin ETFs.
However, consistent daily outflows averaging $329 million last week have slowly decreased the ETF’s market share. In the first month of the ETF’s launch, over $7 billion in assets left the fund, but outflows have slowed since then, leading some experts to suggest that they may be coming to an end.
