Get exclusive reports and key insights on airdrops, NFTs, and more! Subscribe to Alpha Reports now and enjoy the game!
Go to Alpha Report
According to CoinGlass, the Grayscale Bitcoin Trust ETF finally raised more new cash than it lost, posting positive returns of $63 million, marking its 11th consecutive week of winnings.
GBTC has seen so many investors cash out since a rival spot Bitcoin ETF was approved last January, that GBTC’s outflows alone have often strained the nascent space as a whole.
“Inflows into $GBTC today,” Bloomberg ETF analyst Eric Balchunas tweeted. “The 80-day streak is finally over. “I had to look back and check the data again, and it turned out to be true,” he said.
Oh my god $GBTC There was an influx today. Their 80-day streak has finally come to an end. I had to look away and double-check the data, but it was true. https://t.co/I4TTU4q5Q1
— Eric Balchunas (@EricBalchunas) May 3, 2024
He added: “On a scale of 1 to 10, how would you say ‘this is how we came back’?”
GBTC remains the largest Bitcoin spot ETF, with over $18.7 billion in assets under management (AUM) and approximately 297,000 Bitcoins. But continued outflows have allowed new competitors to close the gap, with BlackRock iShares Bitcoin Trust (IBIT) holding $17.2 billion in AUM as of Tuesday.
The good news for Grayscale comes a day after investment giant BlackRock’s rival ETF IBIT suffered its first decline. IBIT has grown to $15.4 billion since its Wall Street launch, but fell by $37 million yesterday, according to Farside Investors. There were $563 million outflows across the ETF, marking the worst day on record for BTC price declines on Wednesday.
Bitcoin ETFs recorded outflows of $563 million during the week, surpassing the previous daily record of $326 million set in mid-March, according to CoinGlass data.
GPTC’s constant outflows have led some analysts to consider whether the one-time dominant fund will run out of Bitcoin.
To offset the losses, Grayscale proposed a lower-fee “mini” Bitcoin ETF aimed at better competing with nearly a dozen large, popular startups.
