Grayscale Bitcoin Trust ETF Breaks 11-Week Outflow Streak with $63M Inflows

• After 11 consecutive weeks of outflows, the Grayscale Bitcoin Trust ETF (GBTC) has finally experienced a positive gain of $63M.

Grayscale Bitcoin Trust ETF Breaks 11-Week Outflow Streak with $63M Inflows

After 11 consecutive weeks of outflows, the Grayscale Bitcoin Trust ETF (GBTC) has finally experienced a positive gain of $63 million. 

The continuous cashing out by investors had been a result of the approval and subsequent popularity of competing spot Bitcoin ETFs since January, causing GBTC’s outflows to significantly impact the emerging space.

Despite the recent outflows, GBTC still remains the largest Bitcoin spot ETF, managing over $18.7 billion in assets and holding about 297,000 Bitcoin. 

However, the consistent outflows allowed newer competitors to narrow the gap, with the BlackRock iShares Bitcoin Trust (IBIT) amassing $17.2 billion in assets as of Tuesday. 

To counterbalance its losses, Grayscale has proposed the introduction of a “mini” Bitcoin ETF with reduced fees, aiming to enhance its competitiveness.

See Also: Cardano Founder Charles Hoskinson Proposes Transforming Bitcoin Cash Into A “Cardano Partnerchain”

The positive news for Grayscale comes on the heels of a down day for its competitor, the IBIT ETF from investment giant BlackRock. 

While IBIT had grown to $15.4 billion since its launch on Wall Street, it experienced a contraction of $37 million on the previous day, according to Farside Investors. 

Furthermore, all ETFs collectively witnessed outflows of $563 million, marking their worst day ever due to a decline in BTC’s price on Wednesday.

The news of GBTC’s inflows led to surprise and excitement in the market. 

Bloomberg ETF analyst Eric Balchunas expressed his astonishment on Twitter, stating, “Holy crap $GBTC had inflows today. Their 80-day-ish streak is finally over. I had to run my eyes and double check the data but it’s true.”

Holy crap $GBTC had inflows today. Their 80 day-ish streak is finally over. I had to run my eyes and double check the data but it’s true. https://t.co/I4TTU4q5Q1

— Eric Balchunas (@EricBalchunas) May 3, 2024

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN

The post Grayscale Bitcoin Trust ETF Breaks 11-Week Outflow Streak with $63M Inflows appeared first on BitcoinWorld.