According to recent data, Grayscale Bitcoin Trust (GBTC) has experienced outflows totaling over $2 billion in five trading days.

Bloomberg ETF analyst Eric Balchunas reported the news, highlighting a significant shift in investor sentiment toward spot Bitcoin exchange-traded funds (ETFs).

Furthermore, Grayscale Investments CEO Michael Sonnenshein said he was not surprised by the GBTC outflows. In an interview with Bloomberg, he emphasized that the company is more concerned with trading volumes.

Sonnenshein defended GBTC’s 1.5% management fee, stating that it is reasonable given Grayscale’s “size, liquidity, and track record.”

The increased outflows from GBTC do not necessarily indicate a decrease in demand for spot ETFs. Other ETF providers, most notably BlackRock and Fidelity, have seen over $3 billion in inflows over the first five trading days. These companies amassed over $1 billion in Bitcoin ETFs.

Bloomberg ETF analyst James Seyffart suggested that investors are selling GBTC to pursue opportunities in other spot Bitcoin ETFs, which contributes to the changing dynamics of the ETF landscape.

The ongoing outflows from GBTC have raised concerns about possible selling pressure on Bitcoin. Notably, Grayscale’s Bitcoin deposits to Coinbase Prime have heightened concerns.

According to data from Arkham Intelligence, more than $1 billion has been transferred from Grayscale’s ETF fund to Coinbase since January 11.