Withdrawal volume from Grayscale's Bitcoin Trust (GBTC) has fallen to its lowest point in recent days, indicating a slowdown in outflows.
According to data from BitMEX Research, GBTC recorded total withdrawal volume of $44.2 million on February 23, the lowest since its conversion to an exchange-traded fund (ETF) on January 11.
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In January, GBTC recorded a total of $5.64 billion in withdrawals, including a significant $640 million on January 22. However, withdrawals in February have dropped to $1.8 billion. Since its launch, GBTC has recorded a total of $7.4 billion in outflows.
By comparison, BlackRock's IBIT has attracted more than $6.6 billion in investments since its launch, followed by Fidelity's FBTC with more than $4.7 billion.