Bloomberg Analyst: "GBTC outflow capital likely flowed into third-party bitcoin ETFs

"Assuming the inflow and outflow data for bitcoin spot ETFs to date is accurate, it's likely that much of the capital outflow from Grayscale's bitcoin ETF, GBTC, was directed to competing ETFs," James Seyffart, a Bloomberg ETF analyst, told X. Earlier, after the first trading day of the spot bitcoin ETF closed, Nathan, CSO of web3 market solutions provider Factomind, analyzed that "if there were no net inflows into the Grayscale Bitcoin Investment Trust (GBTC) fund, most of the ETF trading may have been outflows from GBTC to other ETFs with lower fees, and there may have been very little actual net inflows into the spot ETF."