(Bloomberg) -- The world’s biggest Bitcoin ETF has reached an inauspicious milestone: an entire month of consecutive outflows. 

The $24.2 billion Grayscale Bitcoin Trust (ticker GBTC) has seen $7.4 billion exit across 31 trading days as of Monday, Bloomberg data show. GBTC has yet to post a single inflow since it converted into an ETF in mid-January.

That stands in contrast to the other nine freshly launched spot Bitcoin ETFs, all of which are sitting on net inflows since trading began. A few different factors explain the dichotomy: while GBTC is by far the largest and most actively traded of its peers, its 1.5% management fee means that it’s also the most expensive offering, with the bulk of its peers charging below 0.3%. Additionally, bankrupt estates such as Genesis Global Holdco LLC have been looking to offload their holdings. 

But even with those caveats — including that redemptions in GBTC weren’t allowed in its prior structure — it’s surprising to see how consistent the outflows have been, according to Vident Asset Management. 

“Most of us in the industry expected to see outflows, we all knew it was coming — these long-term holders that were waiting for the fund to finally convert to get out,” said Amrita Nandakumar, president of Vident Asset Management. “Does it go to 60 days? I don’t think so, but then again, I’m surprised to see it got to thirty.”

To be sure, outflows have slowed in recent days, with just $22 million leaving the fund on Monday versus as much as $640 million in January. But even still, GBTC’s $7.4 billion year-to-date outflow is the second largest among more than 3,400 US-listed ETFs.

“The Grayscale team anticipated GBTC’s diverse shareholder base would engage in profit-taking and deploy investment strategies that would impact the Trust’s flows, and we are pleased that outflows have continued to stabilize – especially against forced selling from estate bankruptcies,” a Grayscale spokesperson said in an email. “With market-leading liquidity, strong trading volume, and an unparalleled track record, we expect GBTC will continue to be a primary capital markets risk transfer tool for Bitcoin.”

While GBTC continues to shed assets, the other nine spot Bitcoin ETFs that launched in January are pulling in billions amid the cryptocurrency’s rally. BlackRock and Fidelity are leading the way, attracting about $6 billion and $4 billion a piece, followed by the likes of Ark Invest and Bitwise. 

Still, GBTC has a loyal following among a population of cryptocurrency advocates for triumphing over the Securities and Exchange Commission. A judge’s ruling in August that the agency acted “capriciously” in barring Grayscale’s conversion to an ETF was a key step leading to last month’s launches. It’s that brand of investor who would likely look past GBTC’s relatively high fee, according to Nandakumar.

“A non-traditional ETF investor who has a lot of brand loyalty to Grayscale, appreciate that they ‘stand for’ — standing up to the SEC and ‘getting it done,’ maybe they would be inclined to invest because they have a brand affinity to Grayscale,” Nandakumar said. 

The GBTC share price has jumped 40% so far this year, compared with an increase of around 34% for Bitcoin. The largest digital currency broke above $57,500 for the first time since late 2021 on Tuesday.

(Updates the price of Bitcoin and to note that redemptions weren’t allowed under the prior structure in the fourth paragraph.)

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