Grayscale’s GBTC sees over $10B outflow, marking a record withdrawal

Grayscale’s Bitcoin Trust (GBTC) has just been removed $10.6 billion, resulting in the second-largest outflow in the ETF industry over the last 15 years.

The change in investor preferences is seen in the Vanguard S&P 500 ETF (VOO) taking the lead with over $258 billion in inflows, followed by the iShares Core S&P 500 ETF (IVV) and the Vanguard Total Stock Market ETF (VTI).

Plus, exchange-traded funds (ETFs) such as SPDR Gold Shares (GLD) and SPDR S&P MidCap 400 ETF Trust (MDY) are experiencing significant withdrawals of funds.

Furthermore, investors are reallocating their investments from gold exchange-traded funds (ETFs) to bitcoin ETFs and similar products, indicating that bitcoin may be emerging as a new kind of secure and stable asset.

In addition, Grayscale is addressing these tendencies by introducing a new iteration of its GBTC product, called $BTC, that has reduced fees.

This new fund enables investors to transition without paying taxes by means of a special payout. This approach emulates similar strategies used by other players in the market, such as BlackRock and the Gold MiniShares Trust (GLDM), by providing investment opportunities at a reduced cost.