Grayscale’s Bitcoin ETF Experiences Modest Inflows After $17.4 Billion Loss
Thomas Musgrave
Last updated:
May 7, 2024 13:53 EDT
|
1 min read
Grayscale’s spot Bitcoin exchange-traded fund (ETF) has finally seen a positive shift after a four-month period of consistent outflows. In the past two days, the Grayscale Bitcoin Trust (GBTC) has attracted inflows totaling $66.9 million.
This change in direction comes after a significant decline, with GBTC experiencing an average daily outflow of $217 million, totaling over $17.5 billion since January 11.
The initial sign of recovery occurred on May 3, with a $63 million inflow into GBTC, marking the end of the prolonged downward trend. The subsequent inflows resulted in a net positive inflow of $378.8 million over a seven-day period. An additional $3.9 million inflow on May 6 further solidified the positive trend, bringing the total capital influx into GBTC to $66.9 million.
Bitcoin ETFs in the U.S. market continue to demonstrate profitability, with BlackRock’s iShares Bitcoin Trust leading the way with net inflows of $15.5 billion.
Other Bitcoin exchange-traded funds have also shown strong performance, attracting investments and contributing to the overall positive trend in the sector. According to data from The Block, top performers include Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund with $8.1 billion in net inflows, Cathie Wood’s ARK 21 Shares Bitcoin ETF with $2.1 billion, and the Bitwise Bitcoin ETF Trust with $1.7 billion.
The impressive performance of Bitcoin in the market has undoubtedly attracted investors to these ETFs, as evidenced by the current cumulative investment flow into the spot Bitcoin ETF market of approximately $11.8 billion.
In other news, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on the approval or denial of several applications for spot Ether (ETH) ETFs. The rulings on applications from industry giants such as BlackRock, Grayscale, and Invesco Galaxy have been pushed back to July, along with applications from other Ether ETF issuers, including Fidelity, Hashdex, Franklin Templeton, and Ark 21 Shares.
The SEC has stated that additional time is necessary to thoroughly evaluate the proposed rule changes and address the issues raised within the applications before making a decision.
Follow Us on Google News
