In a somewhat shocking development, Grayscale Bitcoin Trust (GBTC) The first influx was recorded after the sighting. Significant daily outflow After launch.
Grayscale Bitcoin ETF records inflows of over $60 million
Grayscale’s Spot Bitcoin ETF has finally broken its 82-day streak of outflows since its launch on January 11, 2024. GBTC recorded its first inflow on May 3 after witnessing outflows of approximately $17.46 billion.
According to data At investment management firm Farside, Grayscale’s Spot Bitcoin ETF attracted approximately $63 million in inflows, along with other Bitcoin ETFs such as: BlackRock’s iShares Bitcoin Trust (IBIT) $12.7 million came in.
The total inflows recorded that day amounted to approximately $378.3 million. Franklin Templeton’s Spot Bitcoin ETFEZBC leads with the highest inflows of $102.6 million.
Bloomberg senior analyst and ETF expert Eric Balchunas expressed disbelief about Grayscale’s turnaround Advert It is said that thorough verification had to be done to confirm unexpected developments.
Moreover, the surprising inflows come after the recent collective outflow of 10 US spot Bitcoin ETFs, including BlackRock’s IBIT. It recorded a massive outflow of over $563.7 million. In one day. These leaks were likely triggered by: Federal Reserve Bank (FED) The decision to leave interest rates unchanged has caused a broader downturn in cryptocurrency markets.
BTC also experienced significant declines around the same time, but the cryptocurrency is currently trading at $63,175, up 6.36% in the last 24 hours and above the $60,000 support level, according to CoinMarketCap.
Reasons for large-scale outflow of GBTC
Grayscale recorded its first record influx following the experience. Daily outflows worth hundreds of millions of dollars Since its founding. The asset management firm’s Spot Bitcoin ETF also experienced its highest outflow on February 29, with approximately $589.9 million.
Various factors have contributed to GBTC’s daily outflows, including: Huge management fee of 1.5% per year. Compared to all 12 spot Bitcoin ETFs in the United States (US), Grayscale has the most expensive spot Bitcoin ETF fees, surpassing BlackRock, the second largest BTC ETF provider by average annual management performance . Fee 0.25%.
part grayscale leak This was also the result of reported selling relationships with insolvent cryptocurrency exchanges, FTX, and other non-existent cryptocurrency companies. FTX sold approx. GBTC worth $1 billion Genesis, a cryptocurrency brokerage for institutional investors, purchased approximately 36 million shares of GBTC stock. 32,041 BTC It is worth more than $2.1 billion.
BTC price now sitting above $63,000 | Source: BTCUSD on Tradingview.com
Featured image from Forkast News, chart from Tradingview.com