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After a four-month stretch marked by steady outflows, Grayscale’s spot Bitcoin exchange-traded fund (ETF) has experienced a favorable change. In the last two days, the Grayscale Bitcoin Trust (GBTC) has seen inflows amounting to $66.9 million.
This shift follows a significant decline, during which GBTC recorded an average daily outflow of $217 million, totaling over $17.5 billion since January 11.
Recovery for Grayscale Bitcoin ETF
The first indication of recovery emerged on May 3, with a $63 million inflow into GBTC, signaling the conclusion of the extended downward trend. The influx and subsequent contributions resulted in a net positive inflow of $378.8 million over a week. An additional inflow of $3.9 million on May 6 further reinforced the positive trend, bringing the overall capital influx into GBTC to $66.9 million.
Confirmed: Every single #Bitcoin ETF sees net inflows for the second consecutive day.
Even $GBTC. pic.twitter.com/onrik1l1tJ
— Altcoin Daily (@AltcoinDailyio) May 7, 2024
Bitcoin ETFs in the U.S. market continue to show profitability. BlackRock’s iShares Bitcoin Trust leads the group, featuring the largest investment with net inflows of $15.5 billion.
Key Contributors to Bitcoin ETF Inflows
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Several other Bitcoin exchange-traded funds have exhibited robust performance, drawing investments and enhancing the overall positive trend in the sector.
Data from The Block indicates that among the other top performers are Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund with $8.1 billion in net inflows, Cathie Wood’s ARK 21 Shares Bitcoin ETF with $2.1 billion, and the Bitwise Bitcoin ETF Trust with $1.7 billion.
The strong performance of Bitcoin in the market has certainly played a role in attracting investors to these ETFs, as reflected by the current total investment flow into the spot Bitcoin ETF market of approximately $11.8 billion.
SEC Postpones Decision on Spot Ether ETFs
In related news, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on the approval or rejection of several applications for spot Ether (ETH) ETFs. The rulings on applications from major players such as BlackRock, Grayscale, and Invesco Galaxy have been deferred to July, along with submissions from other Ether ETF issuers, including Fidelity, Hashdex, Franklin Templeton, and Ark 21 Shares.
The SEC has indicated that more time is necessary to thoroughly assess the proposed rule changes and address the concerns raised in the applications before making a decision.
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