Published
1 week ago on
May 08, 2024
Crypto asset manager Grayscale has ended its four-month outflow streak from its spot Bitcoin exchange-traded fund (ETF) with inflows into the Grayscale Bitcoin Trust (GBTC) occurring for two consecutive days.
On average, GBTC experienced a significant outflow of approximately $218 million daily over 78 days, totaling over $17.5 billion since January 11.
This trend reversed on May 3 when GBTC recorded an inflow of $63 million, marking a significant positive shift.
As a result, the overall spot Bitcoin ETF market observed net positive inflows of $378.3 million after a week of losses.
The subsequent inflow recorded on May 6 was $3.9 million, bringing GBTC’s total recent inflows to $66.9 million.
Despite this recent influx, GBTC’s net outflow remains at $17.4 billion.
However, the broader U.S. spot Bitcoin ETFs landscape shows a healthy balance sheet. BlackRock’s iShares Bitcoin Trust leads with the largest overall investment, capturing net inflows of $15.5 billion.
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Other significant contributors to net inflows include Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund with $8.1 billion, Cathie Wood’s ARK 21Shares Bitcoin ETF with $2.1 billion, and the Bitwise Bitcoin ETF Trust with $1.7 billion.
Collectively, these investments have brought the cumulative flow into the spot Bitcoin ETF market to nearly $11.8 billion as of the latest figures.
The U.S Securities and Exchange Commission (SEC) has delayed its decision on approving or denying spot Ether ETF applications from several providers, including BlackRock, Grayscale, and Invesco Galaxy, pushing decisions to July.
The SEC stated, “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
The delay also affects other prospective Ether ETF issuers such as Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares. This decision was aligned with analysts’ expectations.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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