- Friday’s net inflows of $63 million into Grayscale’s converted GBTC ETF snapped a 78-day run of withdrawals since trading started on January 11.
- At $378.3 million, the aggregate U.S. spot bitcoin ETFs saw net inflows for the first time every day since April 23 and the highest since March 13.
After 78 days of nonstop withdrawals, Grayscale’s GBTC spot bitcoin exchange-traded fund saw its first-ever daily net inflows on Friday since it was converted.
By May 2, GBTC had lost more than $17.5 billion in total since the U.S. spot bitcoin ETFs started trading, but data from CoinGlass and Farside Investors shows that on Friday, the higher-fee fund unexpectedly saw inflows of $63 million.
Holy shit Today saw inflows into GBTC. Finally, its roughly 80-day run is done, according to a post on X by Bloomberg ETF analyst Eric Balchunas. It’s true—I had to examine the data twice and run my eyes over it.
The ETF Store President Nate Geraci declared, “The GBTC outflow streak is OVER… Took in $63 million.” He continued, referring to the ominous-looking GBTC flow chart as “The Bitcoin BTC +1.35% Shining,” which can now be shown in a museum.
According to its fund page, GBTC currently has 291,239 BTC ($18.3 billion) under administration, a 53% decrease from roughly 619,220 BTC on January 11.
Largest inflows into US spot ETFs since the peak of bitcoin
The record daily net inflow for one of the early reporters, Franklin Templeton’s EZBC, was $60.9 million on Friday. Other early reporters, Bitwise’s BITB, Ark Invest’s ARKB, and VanEck’s HODL, recorded net inflows of $33.5 million, $28.1 million, and $8.7 million, respectively.
The most popular fund was Fidelity’s FBTC, which subsequently announced that it had brought in $102.6 million on Friday. $12.7 million was received by BlackRock’s typically leading spot bitcoin ETF, IBIT; net inflows were recorded by Valkyrie’s BRRR and Invesco’s BTCO, respectively, of $35.6 and $33.2 million. Completing the group were Hashdex’s DEFI and WisdomTree’s BTCW, both of which had nil daily flows.
The total daily net inflow into U.S. spot bitcoin ETFs was $378.3 million yesterday, the most since March 13 when the price of bitcoin was getting close to its most recent all-time high of $73,836. This is the first inflow into the funds since April 23.
The combined ETFs had lost more than $1.2 billion during the seven days that before Friday, with Wednesday seeing the biggest daily net outflows of $563.7 million. Over $11.5 billion has been invested in the combined ETFs since their introduction.
Spot bitcoin ETF fervor wanes
The excitement surrounding spot bitcoin ETFs had seemed to abate, as evidenced by April’s net monthly outflows of $343.5 million, which broke the previous three-month trend of inflows and continued into May. April saw the most withdrawals from the ETF, with $2.5 billion going out of GBTC.
The price of bitcoin dropped to $56,500 on Wednesday, a 23% decrease from its peak in March. Even yet, it is unclear if the reversal in GBTC flows is a sign of a trend reversal for the larger U.S. spot bitcoin ETF category. On Friday, bitcoin gained about 7% and surged back above $63,000.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
