Crypto asset management firm Grayscale has seen a decrease in outflows from its spot Bitcoin ETF, but experts believe that there is still potential for more.
On February 16, the total funds flowing out of the Grayscale Bitcoin Trust (GBTC) since its conversion to a spot Bitcoin ETF reached $7 billion, as reported by Bianco Research and Farside.
Despite a significant decrease in the outflow rate, observers, such as Nate Geraci of ETF Store, suggest that there may be more withdrawals to come.
The majority of the exodus occurred in January, with GBTC losing $5.64 billion by the end of the month.
In comparison, February has only seen $1.37 billion in outflows so far. In a post on X on February 18, former Wall Street analyst and commentator Jim Bianco, who is also the founder of Bianco Research, believes that most of the outflow is due to investors rebalancing their portfolios and turning to spot Bitcoin ETFs with lower fees.
