Grayscale CEO Michael Sonnenshein says Bitcoin (BTC) ETF outflows reach equilibrium: Reuters

Michael Sonnenshein, CEO of digital asset investment manager Grayscale, expects outflows from the company's Bitcoin (BTC) exchange-traded fund (ETF) to reach equilibrium, Reuters reported on Wednesday.

Sonnenshein said some of the sales related to the unwinding of bankrupt crypto companies like FTX were “largely behind us,” according to the report, citing an appearance on a Reuters podcast.

When the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January, Grayscale's product (GBTC), which had already existed as a trust fund for several years, experienced significant outflows as existing investors likely sold their shares to participate in one of the ETFs new funds.

According to BitMEX Research, GBTC has seen a total of $15 billion worth of outflows in the three months since. In March, this reached $600 million per day, but has since declined significantly. On Monday and Tuesday of this week they were $303 million and $155 million, respectively.

Grayscale did not immediately respond to CoinDesk's request for further comment.

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