Grayscale experienced significant outflows of $598.9 million on Thursday. There has been anticipation in the market for BlackRock to reach the $10 billion milestone. The inflows from BlackRock’s iShares Bitcoin Trust (IBIT) have boosted the spot Bitcoin ETF market as of the close of trading on February 3rd. If not addressed, the substantial outflows from Grayscale could have led to a significant decline in the spot Bitcoin ETF market. On the other hand, BlackRock’s IBIT experienced an increase in inflows of $604 million, which outweighed the negative impact of GBTC’s steep drop in value. Additionally, there was a minimal amount of total net inflows for all spot Bitcoin ETFs. In total, approximately $92 million in net inflows was received. Grayscale experienced its second biggest GBTC outflow on Thursday following the approval of its Bitcoin ETF by the U.S SEC and other issuers. Genesis reportedly sold $1.3 billion of GBTC after receiving court approval, potentially contributing to the outflow. Investors like BlackRock continue to show a strong interest in investing in Bitcoin, despite prevailing sentiment. The leader in the market has reached $10 billion in AUM quickly. Observers have been expecting this milestone for a while, especially considering the daily inflows BlackRock receives. The value of bitcoin has been increasing in anticipation of the upcoming halving event in April. As of the current moment, Bitcoin’s price is $61,301, showing a 20.94% increase in the past week according to CoinMarketCap.