Grayscale loses $20 billion to Bitcoin and Ethereum ETF

Asset management company Grayscale has announced that it will raise more than $20.4 billion from its Bitcoin and Ethereum exchange-traded funds (ETFs).
According to Cointelegraph on the 30th (local time), Grayscale's Bitcoin Trust ETF (GBTC) had lost a total of 188,000 shares as of the 29th.
It has been revealed that an average of $137.7 million (approximately 20.6 billion yen) has been leaked per day for almost seven months since the game's launch on January 11 this year.
Meanwhile, the other nine Bitcoin ETFs approved at the same time in the U.S. all maintained positive balances. Among them, BlackRock's Ishares
Bitcoin Trust (IBIT) has the highest investment balance on the leaderboard, currently holding $19.93 billion in BTC.
Other major holders include Fidelity's Wise Origin Bitcoin Fund (FBTC) with $9.9 billion, Cashwood's Arbitration Fund with $1.2 billion, and
The Q21Shares Bitcoin ETF (ARKB) is worth $2.6 billion (approximately 390 billion yen), while the Bitwise Bitcoin ETF (BITB) is worth $2.09 billion (approximately 310 billion yen).
Grayscale’s newly launched Ethereum Trust (ETHE) performed similarly to GBTC in terms of investment outflows.
Ethereum funds see $1.72 billion outflow in five days, bringing Grayscale's total cryptocurrency ETF outflows to $20.58 billion
In the process, Grayscale lost $9.2 billion, or 18.7% of its initial seed funding.
"Mads Eberhardt is a senior analyst at Steno Research," said
Eberhardt predicted that the massive outflow of funds from Grayscale's ETHE will subside by August 2nd.
He said, "Grayscale Bitcoin ETF outflows have significantly decreased since the 11th trading session."
"We expect the highest outflows to occur this week as the Grayscale Ethereum ETF experienced by far the highest outflows relative to its assets under management (AUM)," he explained.