BitMEX Research released Bitcoin spot ETF trading data on social media platforms. GBTC had a total outflow of 140,195 bitcoins in the first 15 trading days, equivalent to approximately 5.832 billion US dollars.

According to BitMEX Research data, 10 Bitcoin spot ETFs had a net inflow of 5689.9 BTC yesterday, and a cumulative net inflow of 27,339.7 BTC over 13 trading days. Grayscale GBTC had a net outflow of 5068 BTC yesterday, and a cumulative net outflow of 131,549.7 BTC over 13 trading days. BlackRock's Bitcoin spot ETF (IBIT) had a net inflow of 6870.3 BTC yesterday, and a cumulative net inflow of 63,409.5 BTC over 13 trading days. Bitwise Bitcoin spot ETF (BITB) had a net inflow of 502.4 BTC yesterday, and a cumulative net inflow of 14,556.3 BTC over 13 trading days. ARK Bitcoin spot ETF (ARKB) had a net inflow of 385.6 BTC yesterday, and a cumulative net inflow of 14,979.3 BTC over 13 trading days.

Last week the global net outflow of cryptocurrency funds from asset management companies such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares reached a total of 500 million US dollars. The strong outflow of funds from GBTC stands in stark contrast to the total inflow of 1.8 billion US dollars from nine new spot Bitcoin ETFs launched last week, including BlackRock's IBIT with an inflow of 744.7 million US dollars and Fidelity's FBTC with an inflow of 643.2 million US dollars. Since their launch on January 11th, the nine new ETFs have received a total inflow of approximately 5.8 billion US dollars, while GBTC has had an outflow of 5 billion US dollars, resulting in a net inflow of 759.4 million US dollars. <br>

Former Wall Street quantitative analyst Tone Vays stated that he has personally exited 75% of his GBTC position and believes that the outflow of GBTC exceeds the total inflow of nine other spot Bitcoin ETFs, thereby putting pressure on the price of Bitcoin. However, Vays believes that this month and next month are good buying opportunities on dips.

On January 27th, in a report by Needham analyst John Todaro, Thursday was one of the days with the lowest net outflow of GBTC, and it was also the third consecutive day of decreasing outflow, which may indicate that redemptions have begun to slow down. Although it is difficult to quantify the subsequent selling amount of GBTC, it believes that the two biggest driving factors for GBTC selling (selling of bankruptcy funds and arbitrage funds by FTX) have been close to completion.

Ki Young Ju, founder and CEO of CryptoQuant, wrote on X platform that the Grayscale Bitcoin Trust (GBTC) holdings have decreased by 15% in the past seven days. If this trend continues at this rate, it is expected that GBTC will reach zero in mid-March this year. Ki Young Ju also questioned Grayscale's plan to reduce GBTC holdings.

On-chain analyst Yu Jin stated that based on the inflow/outflow of funds for BTC spot ETFs on January 23rd, it is expected that there will be a transfer of approximately 23,750 BTC (930 million US dollars) to each ETF custodial address when the US stock market opens at 22:30 tonight: GreyScale GBTC custodial address will transfer approximately 13,157 BTC (capital outflow of 515 million US dollars on January 23rd); The remaining nine ETF custodial addresses will receive approximately 10,593 BTC (capital inflow of 400 million US dollars on January 23rd). Currently, the total BTC holdings of the ten BTC spot ETFs are approximately 647,426 BTC.

According to private data reviewed by CoinDesk and two insiders, since the Grayscale Bitcoin Trust Fund (GBTC) converted to an ETF earlier this month, FTX's bankruptcy institution has sold 22 million shares of GBTC worth about $1 billion, with a large portion being outflows of funds. As of October 25, 2023, FTX held 22.3 million shares of GBTC, and on January 11, the first day of GBTC trading on NYSEArca, the value of GBTC held by FTX rose to around $900 million, according to documents submitted on November 3, 2023.

Investors have sold over $2 billion worth of Grayscale Bitcoin Trust (GBTC) since it became an exchange-traded fund earlier this month. FTX's bankruptcy estate was responsible for a large portion of the exodus, selling 22 million shares worth close to $1 billion. While new bitcoin ETFs from BlackRock and Fidelity have seen inflows, GBTC has seen billions of dollars worth of bitcoin pulled out. FTX's selling pressure may ease now that it has finished liquidating its holdings, which were valued at $597 million in October 2023.

According to a recent analysis by Colorways Ventures and The Consensus founder Kiarash Hossainpour, there may be a shockwave in the Bitcoin market, with some significant Bitcoin holdings potentially causing huge selling pressure on the market in the first half of 2024. First, Hossainpour warns people to pay attention to the Grayscale Bitcoin Trust Fund (GBTC), whose holdings have decreased from 621,000 BTC to just under 580,000 BTC since the launch of the spot ETF. Compared to other providers such as Bitwise (0.2%) and BlackRock (0.25%), the trust's high annual fee of up to 1.5% and Grayscale's history currently result in massive selling, which may be the reason for the current downward trend. Furthermore, there is no sign of an end yet. According to experts, there is still selling pressure of 281,045 BTC, or about $12 billion. In addition, the bankruptcy proceedings of Celsius and FTX exacerbate potential selling. It is expected that the liquidation and distribution will take place in the first half of 2024, and the approximately 38,000 BTC (worth $1.6 billion) provided by Celsius and the approximately 20,500 BTC (worth $850 million) provided by FTX may be converted into dollars.