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Home»ADOPTION NEWS»Grayscale’s GBTC spot Bitcoin ​​ETF saw inflows of $63 million, ending a 78-day streak of outflows.
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Grayscale’s GBTC spot Bitcoin ​​ETF saw inflows of $63 million, ending a 78-day streak of outflows.

By Crypto FlexsMay 4, 20243 Mins Read
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Grayscale’s GBTC spot Bitcoin ​​ETF saw inflows of  million, ending a 78-day streak of outflows.
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Grayscale’s GBTC spot Bitcoin exchange-traded fund recorded its first ever daily net inflow on Friday, ending a 78-day streak of outflows.

GBTC’s cumulative outflows since the U.S. spot Bitcoin ETF began trading on Jan. 11 totaled more than $17.5 billion through May 2, but the high-fee fund suddenly fell on Friday, according to data from Farside Investors and CoinGlass. It generated inflows worth $63 million.

“Holy shit GBTC came in today. “The 80-day streak is finally over.” Bloomberg ETF analyst Eric Balchunas posted on X. “I had to look back and double-check the data, but it was true.”

“The GBTC outflow streak is over… we had $63 million in inflows,” said ETF Store President Nate Geraci.. “‘that much Bitcoin BTC

+6.45%
‘The Shining’ can now hang in museums,” he added, referring to the worrying GBTC flow chart.

According to GBTC’s fund page, GBTC currently holds 291,239 BTC ($18.3 billion) in assets under management, down 53% from about 619,220 BTC on January 11.

US spot ETF records biggest inflows since Bitcoin’s all-time high

Among early reporters, Franklin Templeton’s EZBC recorded a record daily net inflow of $60.9 million on Friday, while Bitwise’s BITB, Ark Invest’s ARKB and VanEck’s HODL had net inflows worth $33.5 million, $28.1 million and $8.7 million, respectively. Inflow was recorded.

Fidelity’s FBTC led the funds, which later reported net inflows of $102.6 million on Friday. BlackRock’s generally dominant spot Bitcoin ETF IBIT brought in $12.7 million, while Valkyrie’s BRRR and Invesco’s BTCO saw net inflows of $35.6 million and $33.2 million, respectively. Rounding out the pack, WisdomTree’s BTCW and Hashdex’s DEFI recorded flows for the day at zero.

Overall, US spot Bitcoin ​ETFs recorded daily net inflows of $378.3 million yesterday. This is the first since April 23 and the largest since March 13 as Bitcoin approaches its all-time high of $73,836.

As of Friday, the combined ETF had shed more than $1.2 billion over seven consecutive days of outflows, including the largest single-day net outflow ever of $563.7 million on Wednesday. Cumulative net inflows to the integrated ETF since launch now exceed $11.5 billion.

Spot Bitcoin ​ETF Hype Is Dying

The hype for spot Bitcoin ETFs seemed to have died down, with monthly net outflows reaching $343.5 million in April, ending three consecutive months of inflows and pouring into May. GBTC led outflows in April, with $2.5 billion leaving the ETF.

On Wednesday, the price of Bitcoin fell to a low of $56,500, down 23% from its all-time high in March. However, with Bitcoin rising around 7% on Friday to surpass the $63,000 level, it remains to be seen whether the turn in GBTC flows signals a reversal of trends in the broader US spot Bitcoin ETF category.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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