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Home»ETHEREUM NEWS»Grayscale Bitcoin ​ETF raises $63 million after consecutive losses
ETHEREUM NEWS

Grayscale Bitcoin ​ETF raises $63 million after consecutive losses

By Crypto FlexsMay 5, 20242 Mins Read
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Grayscale Bitcoin ​ETF raises  million after consecutive losses
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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.

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