News Heat Trend
Project Overview
Grayscale is the world's largest crypto asset manager. It provides access and exposure to the digital currency asset class in the form of a security, without the challenges of buying, storing, and safekeeping digital currencies directly.
Grayscale Announces Crypto Asset Yield Rankings: HYPE Holders Lead in Yield, CAKE Ranks Highest in Adjusted Earnings Yield
According to BeInCrypto, Grayscale released a crypto asset valuation ranking evaluated based on two metrics: "Token Holder Yield" and "Adjusted Earnings Yield". HYPE topped holder yields at 8.0%, with Lighter (LIT) following closely at 7.9%, and PancakeSwap (CAKE) ranking third at 2.6%, followed sequentially by AERO, UNI, RAY, PENDLE, AAVE, JUP, and CRV. In terms of adjusted earnings yield, CAKE led at 14.4%, with LIT at 14.1% and HYPE at 9.8%, followed sequentially by RAY, AAVE, JUP, SKY, UNI, AERO, and PENDLE. The report showed that five assets on the list had negative holder yields, including AAVE, JUP, and CRV, with CRV at -5.5% and JUP at -2.6%. Grayscale calculates holder yield as staking rewards plus buybacks minus new token issuance, so holders face dilution when new issuance exceeds total yields. While JUP's adjusted earnings yield stands at 3.5%, its holder yield remains negative.
Grayscale Says U.S. Crypto Regulation Can Advance Without CLARITY Act
Odaily News: Zach Pandl, Head of Research at digital asset management firm Grayscale, said in an analysis on September 10 that even if Congress fails to pass the CLARITY Act this year, U.S. crypto regulation can still advance in areas such as stablecoins, token issuance, tokenized securities, and perpetual futures.U.S. President Donald Trump signed the GENIUS Act on July 18, 2025, establishing a regulatory framework for the issuance of payment stablecoins. The law requires issuers to hold full reserves and publicly disclose the composition of reserves on a monthly basis, and prohibits misleading claims that tokens are federally insured, backed by the U.S. government, or legal tender.The U.S. Securities and Exchange Commission (SEC) has proposed Regulation Crypto Assets, which would allow qualifying projects to raise no more than $5 million over four years, or no more than $75 million in any 12-month period. The related exemptions and investment contract safe harbor remain in the proposal stage, with the public comment period closing on October 20.The near-term procedural milestone for the CLARITY Act is a cloture vote on the motion to proceed scheduled for September 15. This procedural vote requires 60 votes to pass and is not a final vote. Grayscale said the bill would still help clarify the division of regulatory authority between the SEC and the Commodity Futures Trading Commission (CFTC), but its failure to pass would not halt regulatory measures already underway. (Bitcoin.com News)
Zcash mining rewards per solo machine are about 2x Bitcoin's, with roughly 4x higher reward per unit of electricity
Odaily News: Crypto asset management firm Grayscale estimates that Zcash mining rigs generate daily mining rewards roughly 2x those of Bitcoin mining rigs, and about 4x on a per-unit-of-electricity basis. Zcash mining activity has grown to more than 2.5x its level at the start of the year.Zach Pandl, head of research at Grayscale, said that at current valuations, Zcash mining profitability is relatively high, as token price gains have driven up mining rewards and encouraged more hash rate to join. Grayscale believes that more hash rate can support network security.The comparison uses the Bitmain S23 Hydro and Bitmain Z15 Pro as samples, assuming an electricity price of $0.05 per kilowatt-hour, full-load operation, and excluding transaction fees. Pool fees, cooling, other operating expenses, and equipment costs are not included in the calculation, and actual profitability is still affected by these factors.Bitcoin miners' total daily rewards are about $35 million, higher than Zcash's roughly $2 million. Grayscale's Zcash investment product assets under management surpassed $500 million on September 8 and recorded more than $70 million in cumulative external inflows. (Bitcoin.com News)
Grayscale: U.S. Household Stock Allocation Rises to 46.71%, Crypto Assets Present Diversification Opportunities
Odaily News: Digital asset manager Grayscale stated that as of the end of 2025, direct and indirect holdings of corporate stocks in U.S. household financial assets reached 46.71%, up from 43.99% a year earlier. Grayscale Head of Research Zach Pandl noted that the rising concentration in stock holdings and elevated valuations have increased the opportunity for crypto assets to be used for portfolio diversification.Grayscale stated that consensus expectations for long-term earnings growth of the S&P 500 index rose above 25% on August 28, significantly higher than the historical range typically concentrated between 10% and 15%. The firm believes that after the market correction in crypto assets, valuations, leverage levels, and investor long positioning have all declined.Data released by Grayscale shows that Bitcoin's 90-day correlation with the Nasdaq 100 index has fallen from above 60% to approximately 33%, while its correlation with gold has risen from near zero to over 50%. Grayscale also noted that Bitcoin's historical volatility is higher than broad equity indexes, and it does not always act as a safe-haven asset. (Bitcoin.com News)
Crypto industry stakeholders submit differentiated rule proposals to SEC on novel ETF regulation
Odaily News Crypto enterprises, asset managers, market makers, and consumer advocacy groups have submitted comments to the U.S. Securities and Exchange Commission (SEC) in response to its request for input on the regulatory framework for "novel ETFs," covering exchange-traded products such as crypto assets, private assets, event contracts, and leveraged strategies.Crypto industry organization Crypto Council for Innovation (CCI) recommended extending certain regulatory accommodations applicable to ETFs to non-ETF exchange-traded products. Venture capital firm Andreessen Horowitz (A16z) stated that the SEC should assess products based on their underlying assets and risk profiles, rather than treating all novel ETFs as a single category.Grayscale opposed adding new portfolio restrictions for mature digital asset products, while Chainalysis suggested leveraging public blockchains to enable real-time monitoring and verifiable disclosures. Kalshi expressed support for including event contracts in registered funds, whereas consumer advocacy group Public Citizen opposed offering event contract ETFs to retail investors. The SEC will evaluate whether to adopt a unified regulatory framework or craft separate rules based on product structure and risk. (Decrypt)
Grayscale: SEC's Proposed Token Financing Rules Could Benefit ETH, SOL, and BNB
According to Bitcoin.com, Zach Pandl, Head of Research at Grayscale, stated that the U.S. Securities and Exchange Commission's (SEC) proposed regulations on crypto assets could increase network activity on Ethereum, Solana, and BNB Chain by reducing compliance uncertainties surrounding token financing, driving more U.S. issuers and investors to go on-chain, and potentially creating value for their native tokens ETH, SOL, and BNB.
Winklevoss Files Spot Zcash ETF Application with U.S. SEC, Plans Nasdaq Listing
According to Crypto Unfolded, Winklevoss Asset Services has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot ETF directly holding Zcash (ZEC), with plans to list it on the Nasdaq exchange. Previously, Grayscale launched the Zcash investment product ZCSH in August 2025, which currently manages over $900 million in assets and carries a management fee of 2.5%. The report notes that after a significant rally earlier this year, ZEC is currently trading at approximately $1,350. The new spot ETF filing may further expand avenues for institutional investors to gain exposure to privacy coins, but given the regulatory scrutiny these assets face, it remains uncertain whether the product will receive approval.
US SEC Proposes Overhaul of Accredited Investor Rules, 15 Years Later, DCG Founder's Suggestion May Finally Come to Fruition
Odaily reports: Grayscale's parent company DCG posted on X platform that last week the U.S. Securities and Exchange Commission (SEC) proposed reforming the accredited investor system, allowing certain investors to qualify for participation in private markets through examinations and other means. This measure was similar to a suggestion made by DCG founder Barry Silbert as early as 2011.It is reported that around 2011, while founding SecondMarket, Barry Silbert proposed that the SEC's "accredited investor" system mainly relies on income and net worth standards, but wealth level does not necessarily represent investment capability. Some high-net-worth individuals may not possess sufficient financial knowledge, while some ordinary investors should also have the opportunity to qualify for participation in private markets if they pass financial literacy tests set by regulators.
U.S. SEC Plans to Reform the Accredited Investor Framework, 15-Year-Old Proposal from Grayscale Parent DCG Founder Will Finally Be Implemented
DCG, the parent company of Grayscale, posted on the X platform stating that last week the U.S. Securities and Exchange Commission (SEC) proposed reforms to the accredited investor framework, allowing certain investors to qualify for participation in private markets through mechanisms such as taking proficiency exams. This initiative echoes similar recommendations made by DCG founder Barry Silbert more than 15 years ago. According to reports, during the establishment of SecondMarket around 2011, Barry Silbert noted that the SEC's "accredited investor" regime primarily relies on income and net worth thresholds, but wealth does not necessarily equate to investment competency. While some high-net-worth individuals may lack adequate financial expertise, ordinary investors who pass financial literacy examinations administered by regulators should also be granted the opportunity to access private markets.
ETF Store President: SEC Approves First Batch of 3x Leveraged Bitcoin and Ethereum ETFs for Trading
Odaily News: Nate Geraci, President of ETF Store, stated that the U.S. SEC has approved the first batch of 3x leveraged Bitcoin and Ethereum ETFs for listing and trading. Recent SEC filings show that the related products include ETFs seeking to achieve 3x the daily performance of Bitcoin or Ethereum.Geraci noted that less than three years ago, the SEC's lawsuit with Grayscale over a standard spot Bitcoin ETF had not yet concluded, and now the regulatory environment has changed significantly.
Blockchain Association Launches Vaults Workflow, Uniting Dozens of Member Institutions to Drive Policy Formulation
According to a post by the Blockchain Association (@BlockchainAssn), the Blockchain Association has officially launched the Vaults Workstream, bringing together dozens of leading member organizations including a16z Crypto, Aave, Uniswap, Grayscale, dYdX Foundation, Ethena, Morpho, and Multicoin to participate in Washington-based policy discussions on on-chain finance. As an emerging component of on-chain finance infrastructure, Vaults can provide users with diverse asset exposure, support composable and personalized investment strategies, and offer high flexibility in manual control, governance, and risk management. Members of this workstream will engage directly with the SEC to assist legislators in understanding Vault mechanics and the applicability of existing regulatory frameworks, with the goal of aligning regulatory rules with technological development to ensure the United States maintains its leading position in on-chain financial innovation.
Privacy coin sector market cap increased by $24.54 billion over 5 months, with ZEC and XMR leading growth
Odaily News: Over the past five months, the market cap of the privacy coin sector grew from $11.97 billion to $36.51 billion, an increase of $24.54 billion, or approximately 205%. Among them, Zcash (ZEC) market cap increased by $20.27 billion, while Monero (XMR) increased by $4.33 billion.In January, the U.S. Securities and Exchange Commission (SEC) concluded its investigation into the Zcash Foundation without recommending enforcement action. On August 25, digital asset management company Grayscale converted Zcash Trust into the ZCSH spot ETF and listed it on NYSE Arca, making it the first listed privacy coin spot ETF in the United States.On September 8, Digital Currency Group (DCG) exchanged ZEC for approximately $100 million worth of ZCSH ETF shares. During the same period, the price of ZEC rose from $319 to $1,507, while XMR rose from $330 to $555. (Bitcoin.com News)
Yesterday, Bitcoin spot ETFs saw a net inflow of $17.06 million, while Ethereum spot ETFs saw a net outflow of $105.5 million.
Data from Trader T shows that US Bitcoin spot ETFs recorded a net inflow of $17.06 million yesterday. BlackRock IBIT saw a net inflow of $12.8 million, Fidelity FBTC posted a net inflow of $10.53 million, and Bitwise BITB recorded a net inflow of $8.76 million; Grayscale Bitcoin Mini Trust experienced a net outflow of $15.35 million, and WisdomTree BTCW saw a net outflow of $3.84 million. During the same period, Ethereum spot ETFs recorded a net outflow of $105.51 million, with the cumulative net outflow for October reaching $1.45 billion, setting a single-month record high. Among these, BlackRock ETHA saw a net outflow of $71.7 million, BlackRock Staked ETH (ETHB) recorded a net outflow of $15.6 million, and Grayscale ETHE posted a net outflow of $15.54 million, while only Fidelity FETH achieved a net inflow of $2.9 million.
Yesterday, Ethereum spot ETFs recorded a net outflow of $21.38 million.
According to data released by Trader T (@thepfund), Ethereum spot ETFs recorded a net outflow of $21.38 million yesterday, narrowing from the $60.22 million outflow on October 27. BlackRock ETHA posted a net outflow of $44.8 million, serving as the day's primary outflow source, while Fidelity FETH saw a net inflow of $18.78 million, Grayscale Mini Trust Ethereum recorded a net inflow of $3.62 million, and Morgan Stanley MSSE registered a net inflow of $1.02 million. Net flows for the remaining products, including Grayscale ETHE, BlackRock Staked ETHB, Bitwise ETHW, and VanEck ETHV, were all zero for the day.
Yesterday, Bitcoin spot ETF recorded a net inflow of $137.32 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs saw a net inflow of $137.32 million yesterday, with BlackRock IBIT recording a net inflow of $136 million, Bitwise BITB a net inflow of $1.32 million, and net flows for other funds such as Fidelity FBTC, Grayscale GBTC, and ARK ARKB all at zero.
U.S. Bitcoin spot ETFs recorded a net inflow of $301 million this week, while BlackRock IBIT posted a single-week inflow of $566 million.
Meanwhile, Fidelity FBTC saw a net outflow of $116.6 million, ARK Invest's ARKB recorded $99.6 million in net outflows, Grayscale GBTC posted $51.8 million in net outflows, and Bitwise BITB faced $18.5 million in net outflows.
Yesterday, Ethereum spot ETFs recorded a net outflow of $110.58 million.
According to data released by Trader T (@thepfund), Ethereum spot ETFs recorded a net outflow of $110.58 million yesterday. BlackRock's ETHA saw a net outflow of $75.5 million, BlackRock's staked ETF (ETHB) had a net outflow of $17.2 million, Grayscale's Mini ETH had a net outflow of $10.69 million, and Grayscale's ETHE had a net outflow of $9.56 million. Fidelity's FETH had a net inflow of $2.37 million, while the net flows for the remaining listed funds were zero.
Yesterday, Bitcoin spot ETFs recorded a net outflow of $635.54 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs recorded a net outflow of $635.54 million yesterday. Among them, BlackRock's IBIT saw a net outflow of $254.1 million, Fidelity's FBTC had a net outflow of $217.46 million, ARK's ARKB recorded a net outflow of $109.43 million, Grayscale's GBTC posted a net outflow of $29.53 million, and Bitwise's BITB experienced a net outflow of $27.35 million. Morgan Stanley's MSBT saw a net inflow of $2.33 million, while net flows for the remaining listed funds were zero.
Grayscale Research: Bitcoin Is Returning to Its "Currency Depreciation Trade" Attribute, Zcash May Become One of the Biggest Beneficiaries
According to the latest report released by Grayscale Research Director Zach Pandl, as U.S. federal debt surpasses $40 trillion, Bitcoin's 90-day correlation with the Nasdaq 100 Index has dropped from over 60% to approximately 33%, while its correlation with gold has risen from near zero at the start of the year to above 50%, indicating that Bitcoin is shifting from a high-beta risk asset to an inflation-resistant store of value. Grayscale believes that expanding fiscal deficits and rising long-end interest rates will drive investors toward scarce alternative assets, positioning Bitcoin, Ethereum, and Zcash as primary beneficiaries. Among them, Zcash, featuring financial privacy, quantum resistance, and cross-chain interoperability, is considered to have the potential to challenge Bitcoin's network effect, despite its market capitalization currently accounting for less than 1% of Bitcoin's. Additionally, Grayscale notes that the current Bitcoin bear market has persisted for roughly 10 months, approaching the historical average bear market cycle of 11–12 months. Coupled with a macroeconomic environment that is becoming increasingly supportive, it suggests that current prices may represent a favorable entry point for long-term investors.
Grayscale launches Zcash ETF, trading on NYSE Arca following key privacy vulnerability fix
Odaily News - Digital asset manager Grayscale's Zcash ETF began trading on NYSE Arca on Tuesday under the ticker ZCSH. The product is the world's first exchange-traded product offering spot exposure to Zcash, allowing investors to track ZEC prices through securities accounts without needing to directly purchase or store the token.ZCSH was formerly known as the Grayscale Zcash Trust, established in October 2017 through a private placement. Grayscale filed an application with the U.S. Securities and Exchange Commission in November 2025 to convert the trust into an ETF, with shareholders holding shares that track the fund's ZEC holdings rather than holding ZEC directly.In May of this year, security researcher Taylor Hornby, using Anthropic's Claude Opus 4.8, discovered a vulnerability in Zcash's Orchard shielded pool that had existed for four years, which could potentially allow attackers to mint counterfeit ZEC. Developers deployed an emergency patch on June 1, but due to privacy mechanisms, it was not possible to cryptographically confirm whether the vulnerability had been exploited.Zcash activated the Ironwood upgrade in July, replacing Orchard with a new shielded pool and introducing accounting rules that limit the amount of ZEC exiting the old shielded pool to no more than the amount entering. Grayscale stated it will monitor the adoption of the Ironwood upgrade, network security, exchange support, and regulatory conditions for privacy assets. (Decrypt)
Yesterday, Ethereum spot ETFs recorded a net outflow of $21.38 million.
According to data released by Trader T (@thepfund), Ethereum spot ETFs recorded a net outflow of $21.38 million yesterday, narrowing from the $60.22 million outflow on October 27. BlackRock ETHA posted a net outflow of $44.8 million, serving as the day's primary outflow source, while Fidelity FETH saw a net inflow of $18.78 million, Grayscale Mini Trust Ethereum recorded a net inflow of $3.62 million, and Morgan Stanley MSSE registered a net inflow of $1.02 million. Net flows for the remaining products, including Grayscale ETHE, BlackRock Staked ETHB, Bitwise ETHW, and VanEck ETHV, were all zero for the day.
Yesterday, Bitcoin spot ETF recorded a net inflow of $137.32 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs saw a net inflow of $137.32 million yesterday, with BlackRock IBIT recording a net inflow of $136 million, Bitwise BITB a net inflow of $1.32 million, and net flows for other funds such as Fidelity FBTC, Grayscale GBTC, and ARK ARKB all at zero.
Yesterday, Ethereum spot ETFs recorded a net outflow of $110.58 million.
According to data released by Trader T (@thepfund), Ethereum spot ETFs recorded a net outflow of $110.58 million yesterday. BlackRock's ETHA saw a net outflow of $75.5 million, BlackRock's staked ETF (ETHB) had a net outflow of $17.2 million, Grayscale's Mini ETH had a net outflow of $10.69 million, and Grayscale's ETHE had a net outflow of $9.56 million. Fidelity's FETH had a net inflow of $2.37 million, while the net flows for the remaining listed funds were zero.
Yesterday, Bitcoin spot ETFs recorded a net outflow of $635.54 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs recorded a net outflow of $635.54 million yesterday. Among them, BlackRock's IBIT saw a net outflow of $254.1 million, Fidelity's FBTC had a net outflow of $217.46 million, ARK's ARKB recorded a net outflow of $109.43 million, Grayscale's GBTC posted a net outflow of $29.53 million, and Bitwise's BITB experienced a net outflow of $27.35 million. Morgan Stanley's MSBT saw a net inflow of $2.33 million, while net flows for the remaining listed funds were zero.
Grayscale Announces Crypto Asset Yield Rankings: HYPE Holders Lead in Yield, CAKE Ranks Highest in Adjusted Earnings Yield
According to BeInCrypto, Grayscale released a crypto asset valuation ranking evaluated based on two metrics: "Token Holder Yield" and "Adjusted Earnings Yield". HYPE topped holder yields at 8.0%, with Lighter (LIT) following closely at 7.9%, and PancakeSwap (CAKE) ranking third at 2.6%, followed sequentially by AERO, UNI, RAY, PENDLE, AAVE, JUP, and CRV. In terms of adjusted earnings yield, CAKE led at 14.4%, with LIT at 14.1% and HYPE at 9.8%, followed sequentially by RAY, AAVE, JUP, SKY, UNI, AERO, and PENDLE. The report showed that five assets on the list had negative holder yields, including AAVE, JUP, and CRV, with CRV at -5.5% and JUP at -2.6%. Grayscale calculates holder yield as staking rewards plus buybacks minus new token issuance, so holders face dilution when new issuance exceeds total yields. While JUP's adjusted earnings yield stands at 3.5%, its holder yield remains negative.
Grayscale launches in-kind subscription mechanism, allowing investors to exchange digital assets directly for shares in 10 of its products
Odaily reports: Grayscale has announced the launch of an in-kind investing mechanism, allowing investors to directly deliver eligible digital assets in exchange for shares in Grayscale products. Grayscale stated that this mechanism is expected to reduce the burden on investors of self-custodying assets, lower potential trade execution costs, and make digital assets easier to incorporate into traditional portfolio management. Currently, the mechanism covers 10 products, including Bitcoin Mini Trust ETF (BTC), Ethereum Staking Mini ETF (ETH), Avalanche Staking ETF (GAVA), Chainlink Trust ETF (GLNK), Dogecoin Trust ETF (GDOG), Hyperliquid Staking ETF (HYPG), Solana Staking ETF (GSOL), Sui Staking ETF (GSUI), XRP Trust ETF (GXRP), and Zcash ETF (ZCSH).
Related news
Yesterday, Bitcoin spot ETFs saw a net inflow of $17.06 million, while Ethereum spot ETFs saw a net outflow of $105.5 million.
Data from Trader T shows that US Bitcoin spot ETFs recorded a net inflow of $17.06 million yesterday. BlackRock IBIT saw a net inflow of $12.8 million, Fidelity FBTC posted a net inflow of $10.53 million, and Bitwise BITB recorded a net inflow of $8.76 million; Grayscale Bitcoin Mini Trust experienced a net outflow of $15.35 million, and WisdomTree BTCW saw a net outflow of $3.84 million. During the same period, Ethereum spot ETFs recorded a net outflow of $105.51 million, with the cumulative net outflow for October reaching $1.45 billion, setting a single-month record high. Among these, BlackRock ETHA saw a net outflow of $71.7 million, BlackRock Staked ETH (ETHB) recorded a net outflow of $15.6 million, and Grayscale ETHE posted a net outflow of $15.54 million, while only Fidelity FETH achieved a net inflow of $2.9 million.
Yesterday, Ethereum spot ETFs recorded a net outflow of $21.38 million.
According to data released by Trader T (@thepfund), Ethereum spot ETFs recorded a net outflow of $21.38 million yesterday, narrowing from the $60.22 million outflow on October 27. BlackRock ETHA posted a net outflow of $44.8 million, serving as the day's primary outflow source, while Fidelity FETH saw a net inflow of $18.78 million, Grayscale Mini Trust Ethereum recorded a net inflow of $3.62 million, and Morgan Stanley MSSE registered a net inflow of $1.02 million. Net flows for the remaining products, including Grayscale ETHE, BlackRock Staked ETHB, Bitwise ETHW, and VanEck ETHV, were all zero for the day.
Yesterday, Bitcoin spot ETF recorded a net inflow of $137.32 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs saw a net inflow of $137.32 million yesterday, with BlackRock IBIT recording a net inflow of $136 million, Bitwise BITB a net inflow of $1.32 million, and net flows for other funds such as Fidelity FBTC, Grayscale GBTC, and ARK ARKB all at zero.
U.S. Bitcoin spot ETFs recorded a net inflow of $301 million this week, while BlackRock IBIT posted a single-week inflow of $566 million.
Meanwhile, Fidelity FBTC saw a net outflow of $116.6 million, ARK Invest's ARKB recorded $99.6 million in net outflows, Grayscale GBTC posted $51.8 million in net outflows, and Bitwise BITB faced $18.5 million in net outflows.
Yesterday, Ethereum spot ETFs recorded a net outflow of $110.58 million.
According to data released by Trader T (@thepfund), Ethereum spot ETFs recorded a net outflow of $110.58 million yesterday. BlackRock's ETHA saw a net outflow of $75.5 million, BlackRock's staked ETF (ETHB) had a net outflow of $17.2 million, Grayscale's Mini ETH had a net outflow of $10.69 million, and Grayscale's ETHE had a net outflow of $9.56 million. Fidelity's FETH had a net inflow of $2.37 million, while the net flows for the remaining listed funds were zero.
Yesterday, Bitcoin spot ETFs recorded a net outflow of $635.54 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs recorded a net outflow of $635.54 million yesterday. Among them, BlackRock's IBIT saw a net outflow of $254.1 million, Fidelity's FBTC had a net outflow of $217.46 million, ARK's ARKB recorded a net outflow of $109.43 million, Grayscale's GBTC posted a net outflow of $29.53 million, and Bitwise's BITB experienced a net outflow of $27.35 million. Morgan Stanley's MSBT saw a net inflow of $2.33 million, while net flows for the remaining listed funds were zero.