U.Today – An interesting situation has occurred in the world of cryptocurrency market statistics today. Lookonchain has reported a huge outflow of funds from ETFs, stating that 26,823 BTC, equivalent to over $1.7 billion, has left nine investment products in the past 24 hours.
According to the report, despite 1,138 BTC inflows into BlackRock’s (NYSE:) IBIT Bitcoin ETF, 27,753 BTC left Grayscale Bitcoin Trust, which makes it seem like a huge outflow. It really was.
However, the fact is that almost all of Grayscale’s BTC did not simply flow somewhere, but into the new Grayscale Bitcoin Mini Trust. As a result, the total net inflow into 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?
Grayscale Investments introduced the Grayscale Bitcoin Mini Trust in July 2024. This product is essentially a smaller variant of the original Grayscale Bitcoin Trust (GBTC). Unlike other cryptocurrency investment products, the Mini Trust directly tracks the price of Bitcoin, offering a simpler investment approach.
The Mini Trust is a spin-off of GBTC, created by distributing 10% of GBTC’s underlying bitcoins. It is aimed at investors seeking exposure to BTC with a smaller initial investment compared to GBTC. The trust is listed on the NYSE Arca exchange, offering a regulated avenue for investors, although it is not governed by the Investment Company Act, unlike GBTC.
This article was originally published on U.Today
