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.
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.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
