U.Today – An fascinating development happened today in the world of cryptocurrency market statistics. Lookonchain reported a massive outflow from ETFs, saying that over the past 24 hours, 26,823 BTC, equivalent to over $1.7 billion, flowed out of nine investment products.
According to the report, despite an inflow of 1,138 BTC into BlackRock’s (NYSE:) IBIT Bitcoin ETF, 27,753 BTC flowed out of the Grayscale Bitcoin Trust, making it look like a massive outflow. And it really was.
However, the fact is that almost all of Grayscale’s BTC not only flowed somewhere, but into the recent Grayscale Bitcoin Mini Trust. As a result, the total net inflow of Bitcoin investment products on the day was 113 BTC, or $7.48 million.
Lookonchain corrected the error in the post.
What is Grayscale Bitcoin Mini Trust?
Grayscale Bitcoin Mini Trust was launched by Grayscale Investments in July 2024. This product is essentially a smaller version of the original Grayscale Bitcoin Trust (GBTC). Unlike some other cryptocurrency investment products, the Mini Trust directly tracks the price of Bitcoin, offering a more direct investment approach.
Mini Trust is a spin-off of GBTC, created by distributing 10% of GBTC’s underlying Bitcoin. It is aimed at investors looking for BTC exposure with a smaller initial investment compared to GBTC. The Trust is listed on the NYSE Arca, offering a regulated path for investors, although it is not subject to the Investment Company Act like GBTC.
