Grayscale's Bitcoin Trust (GBTC) reported net outflows on July 22. The fund saw $38.3 million exit. Data was released on July 23, 2026. This continues a trend of capital flight since its conversion to a spot ETF. Cumulative outflows now exceed $27.4 billion.
The broader U.S. spot Bitcoin ETF market recorded its seventh consecutive day of net inflows. The market saw approximately $69 million in total inflows for the session. Grayscale's newer, lower-fee Bitcoin Mini Trust (BTC) attracted $37.9 million. This nearly offset the withdrawals from its legacy product.
This dynamic highlights a market trend: investors are rotating out of higher-fee GBTC into more competitively priced alternatives. The overall market sees renewed institutional interest. However, GBTC has yet to reverse its significant outflow trend.