The spot Bitcoin exchange-traded fund listed in the U.S. recorded net inflows yesterday thanks to the grayscale conversion. Bitcoin BTC
-1.33%
GBTC has primarily seen massive outflows since converting to a spot Bitcoin ETF, often overwhelming inflows into other instruments. There was a net outflow of about $17 billion, according to data from SoSo Value.
According to the same data, with the exception of the Bitwise Bitcoin ETF, no Bitcoin ETFs experienced net inflows or outflows yesterday. The Bitwise Bitcoin ETF saw inflows of approximately $12 million.
Since their respective listings, U.S. spot Bitcoin ETFs have recorded cumulative net inflows of $11.77 billion. However, trading volume has been steadily declining since peaking in early March, according to data from The Block.
In related cryptocurrency ETF news, Grayscale’s proposal to list and trade shares of an Ether futures ETF has been withdrawn while the Securities and Exchange Commission delays its decision on a spot Ethereum ETF.
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