No, Bitcoin ETFs Didn't Lose $1.7 Billion in 24 Hours

U.Today - An interesting situation happend today in the world of cryptocurrency market statistics. Lookonchain reported a huge outflow from Bitcoin ETFs, saying that in the last 24 hours, 26,823 BTC, equivalent to more than $1.7 billion, have flowed out of nine investment products.

According to the report, despite inflows of 1,138 BTC into BlackRock (NYSE:BLK )'s IBIT Bitcoin ETF, 27,753 BTC flowed out of Grayscale Bitcoin Trust, making it look like such a huge outflow. It really was.

However, the fact is that almost all of Grayscale's BTCs have not just flowed somewhere, but into the new Grayscale Bitcoin Mini Trust. As a result, the total net inflow of Bitcoin-related investment products for the day in question was 113 BTC, or $7.48 million.

Lookonchain further corrected the error in the post.

What is Grayscale Bitcoin Mini Trust?The Grayscale Bitcoin Mini Trust was introduced by Grayscale Investments in July 2024. This product is essentially a smaller variant of the original Grayscale Bitcoin Trust (GBTC). Unlike some other crypto investment products, the Mini Trust directly tracks Bitcoin's price, offering a more straightforward investment approach.

The Mini Trust is a spinoff from GBTC, created by distributing 10% of GBTC's underlying Bitcoin. It targets investors seeking BTC exposure with a smaller initial investment compared to GBTC. The trust trades on the NYSE Arca exchange, offering a regulated avenue for investors, although it is not governed by the Investment Company Act, similar to GBTC.

Source: Investing.com