After converting to a spot ETF, Grayscale Investments’ GBTC Bitcoin fund experienced a significant decrease in its crypto assets, dropping by nearly half in just three months.
Unlike other investment issuers such as BlackRock and Fidelity, GBTC initially launched on the New York Stock Exchange with a significant amount of 619,220 BTC under its management.
However, as of April 16, the volume of cryptocurrency held by GBTC has decreased to approximately 311,620 BTC, according to Coinglass.
Despite the price of Bitcoin rising since the beginning of the year, the value of assets under management has only decreased by about 31%, from $28.7 billion to $19.6 billion. BlackRock’s spot Bitcoin ETF has now closed in on the leader with $17.2 billion.
On April 15, both products recorded movement of funds, but in opposite directions. Despite Grayscale CEO Michael Sonnenshein’s statement about stabilizing outflows from GBTC, the fund continued to experience withdrawals.
