On February 29, 2024, the Grayscale Bitcoin Trust (GBTC) experienced significant outflows, marking one of its largest withdrawal days. Early reports indicated outflows exceeding $200 million, specifically $216.4 million, a notable figure after a period of lower activity. As the day progressed, updates revealed the outflows had reached approximately $600 million. This event is highlighted as the second-largest outflow day for GBTC since January 11, 2024, bringing the total outflows since that date to around US$8,406.3m. The substantial outflows have sparked speculation among observers, with some suggesting they could be related to repaying creditors or specific actions by entities such as Gemini.
Wow. $599 million outflows from gbtc today. That's one hell of a cash out. Perhaps to repay some creditors, perhaps gemini doing more gbtc to btc?
ooooof. $GBTC outflow massive today https://t.co/kKmbnHIQQr
$600m outflow for $GBTC today. That’s a lot. Two steps forward one step back. https://t.co/eWaEPMzUIW
Reported GBTC outflow on 29th Feb 2024 is almost US$600m. This is the 2nd largest outflow day since 11th Jan 2024. Total GBTC outflow since 11th Jan 2024 now US$8,406.3m https://t.co/qyc7odC30c https://t.co/qI3CJ1fnwr
Big outflow day for $GBTC today -- $216.4 million. $BTCW took in $2.2 million. No other data available yet. https://t.co/bfpyuJqfND
GBTC outflows getting large again. First day over $200m in a while https://t.co/YgMxY8kXSA https://t.co/AljTS2aDkE