Grayscale's bitcoin ETF, GBTC, saw a significant net outflow of $2.2 billion last week, but the rate of daily redemptions has decreased.

Grayscale prepared for potential sales by transferring $289 million worth of bitcoin to Coinbase Prime, suggesting a reduction in outflows.

While outflows are slowing, BlackRock's spot Bitcoin ETF outpaced GBTC in trading volume, marking a first for the fund with over $5.8 billion in gross inflows.

The cryptocurrency market experienced $500 million in overall outflows, yet newly launched spot Bitcoin ETFs attracted $1.8 billion, offsetting some of the outflows from GBTC.

Bitcoin's price has increased by 3.4% over the past week, with analysts predicting a potentially positive February for the cryptocurrency based on past trends.