The volume of Bitcoins held by Grayscale Bitcoin Trust has dropped by nearly 50% post its conversion to a spot ETF. Grayscale’s investment vehicle, listed on the New York Stock Exchange, initially had around 619,220 BTC. However, as of April 16, the volume has decreased to 311,621 BTC, as per Coinglass data.

Since January, the assets under management (AUM) have decreased by 31% from $28.7 billion to $19.6 billion, despite a 38% increase in BTC price since the launch on Jan. 11. BlackRock’s spot Bitcoin ETF is close behind with $17.2 billion in assets, with total outflows of $16.38 billion since the launch of the GBTC convertible fund.

On April 15, BlackRock and Grayscale were the only products experiencing fund movements, with a total net outflow of $36.67 million from spot Bitcoin ETFs in the U.S., according to SoSoValue.

Although Grayscale CEO Michael Sonnenshein mentioned a stabilization in outflows from GBTC, withdrawals from the fund have continued. In related news, the Grayscale CLO is expecting SEC approval for spot Ether ETFs by May.

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