The Grayscale Bitcoin Trust (GBTC) experienced its lowest outflows since transitioning into a spot Bitcoin ETF on January 11. According to BitMEX Research data, withdrawals from GBTC amounted to just $44.2 million on Friday.
This marks a significant improvement compared to January, when the fund saw massive outflows totaling $5.64 billion, including a single-day withdrawal of $640 million on January 22.
February has shown better performance for GBTC, with only $1.8 billion leaving the fund so far. However, since its conversion, investors have withdrawn a total of $7.4 billion from GBTC.
While the reduction in outflows is a positive development for GBTC, the ETF still lags behind its competitors. BlackRock’s IBIT fund has emerged as the leader since the SEC approved spot Bitcoin ETFs on January 11, accumulating assets exceeding $6.6 billion.
Fidelity’s FBTC follows closely behind, with inflows totaling over $4.7 billion during the same period. Cathie Wood‘s ARK21 Shares ranks third, amassing $1.4 billion in assets.
JPMorgan previously cautioned that GBTC could continue to lose market share to competitors like BlackRock and Fidelity if it fails to lower its ETF fees. Despite reducing its management charge to 1.5% from 2%, GBTC still maintains the highest fees among all spot Bitcoin ETFs in the market.
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