Bitcoin (BTC) ETF by Grayscale Sees First Inflows after $17.5 Billion Outflows: A Positive Turnaround

• In a surprising turn of events, Grayscale Bitcoin Trust (GBTC) records its first-ever inflow after a continuous streak of significant daily outflows since its launch.
• Grayscale’s Spot Bitcoin ETF breaks its 82-day streak of outflows, recording inflows of about $63 million.
• The unexpected influx comes after a recent occurrence of massive outflows in 10 US Spot Bitcoin ETFs, possibly triggered by the Federal Reserve’s decision to keep rates unaltered.

After a long streak of outflows, Grayscale Bitcoin Trust records its first-ever inflow, marking a significant development in the crypto market. This article delves into the details and potential implications of this surprising turnaround.

Grayscale Bitcoin ETF Records Over $60 Million In Inflows

Grayscale’s Spot Bitcoin ETF has finally broken its 82-day streak of outflows since its launch on January 11, 2024. GBTC saw its first day of inflows on May 3, after witnessing approximately $17.46 billion in outflows. According to data from Farside, an investment management firm, Grayscale’s Spot Bitcoin ETF had amassed inflows of about $63 million, alongside other Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) which had inflows of $12.7 million. The total inflows recorded in that single day amounted to approximately $378.3 million, with Franklin Templeton’s Spot Bitcoin ETF, EZBC, leading the pack with the highest inflows of $102.6 million.

Surprising Influx Amidst Recent Outflows

The surprising influx comes after a recent occurrence which saw 10 US Spot Bitcoin ETFs, including BlackRock’s IBIT, collectively recording enormous outflows worth over $563.7 million in a single day. These outflows were possibly triggered by the Federal Reserve’s (FED) decision to keep rates unaltered, resulting in a broader downturn in the crypto market. BTC had also experienced significant declines around the same time, however, currently the cryptocurrency is up by 6.36% in the past 24 hours, jumping above $60,000 support levels to trade at $63,175, according to CoinMarketCap.

Factors Behind GBTC’s Massive Outflows

Grayscale saw its first recorded inflow after experiencing hundreds of millions worth of daily outflows sinc... Read the full article for FREE at COINOTAG!