Grayscale outflows reach $2.8 billion even as GBTC discount contracts to less than 0.3%

Source Fxstreet
  • Grayscale Bitcoin Trust (GBTC) is now less than 0.3% away from noting premium for the first time in three years.
  • Per Bitmex Research, the outflows in GBTC extended to $590 million on Day 6 of trading, bringing the total to $2.8 billion.
  • At this rate, the asset manager would note an outflow of all its holdings within the next two months. 

This is impractical; thus, outflows will slow down in three to four weeks but still result in losses.

Grayscale, the leader of all spot Bitcoin ETF applicants in terms of assets held, is now losing its assets rapidly as investors are moving to sell for profit. This, however, seems to have no impact on the value of Grayscale Bitcoin Trust (GBTC), which is improving day by day thanks to the large transaction volumes representing demand in the market.

Grayscale flows stun the market

With assets worth nearly $23 billion under the belt, Grayscale has a lot to lose, metaphorically and literally. And given the outflows it is witnessing, it may actually lose a lot more quickly. Since trading began, Grayscale has largely been noting outflows, reaching the $1 billion mark on day three and the $2 billion mark by day 5.

As of today, six days later, Grayscale has recorded total outflows worth $2.8 billion. The $590 million worth of assets leaving the ETF on Friday nudged this figure closer to the $3 billion mark, which Grayscale will likely achieve by Monday.

Spot Bitcoin ETF flows | BitMEX Research

Spot Bitcoin ETF flows | BitMEX Research

At this rate, Grayscale would witness all its holdings flow out within the next two months. Although this is rather impractical to happen, it does signify the intensity of outflows and the impact they could have on GBTC.

But surprising the market, the discount that GBTC has been observing is contracting every passing day. At the time of writing, the discount to Net Asset Value (NAV) is at less than 0.3%, putting it close to moving above the zero line. When this happens, GBTC will be witnessing a premium on NAV for the first time in three years.

Even though the market is still largely consumed by the ETF approval hype, it does not put Bitcoin out of danger of noting further declines, and that might be the only factor impacting the potential of GBTC noting premium again.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - November 11, 2026Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 11, 2026. Read on for the details.
Author  Mitrade
Nov 11, Wed
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 11, 2026. Read on for the details.
placeholder
Nvidia slid 7.7% after hours while AMD and Broadcom rose — the AI trade changed hands, it didn't breakNvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.
Author  Irene Q.
Nov 12, Thu
Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.
placeholder
US October PPI Preview: Fed Rate Hike Expectations Rise, PPI May Be Key Variable; How Will US Stocks, Dollar, and Gold Move?On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP
Author  TradingKey
Nov 12, Thu
On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP
placeholder
Gold hit a one-year low while central banks bought 321 tonnes — the sellers were never the ones you thinkSpot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.
Author  Irene Q.
Yesterday 02: 40
Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.
placeholder
Brent rose 3.3% and US crude stocks built 4.66 million barrels in the same weekBrent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.
Author  Irene Q.
Yesterday 03: 06
Brent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.
Related Instrument
goTop
quote