Grayscale Bitcoin ETF is riding a slow train to recover $17.4 billion in outflows.
Crypto asset manager Grayscale saw two consecutive days of inflows into its Grayscale Bitcoin Trust (GBTC), breaking a four-month streak of outflows.
An average of about $218 million was withdrawn from the Grayscale spot Bitcoin (BTC) exchange-traded fund (ETF) every day for 78 days starting January 11. In the process, GBTC contributed to the outflow of more than $17.5 billion.
This downward trend was reversed on May 3 when GBTC recorded its first inflows of $63 million. As a result, the overall spot BTC ETF market recorded net inflows of $378.3 million after seven days of hemorrhage.
GBTC recorded a second inflow of $3.9 million on May 6 after markets reopened the following week, bringing total inflows to $66.9 million.
Despite GBTC’s $17.4 billion net outflow, the entire U.S. spot Bitcoin ETF maintains a positive balance sheet. BlackRock’s iShares Bitcoin Trust (IBIT) attracted the largest investment, bringing net inflows to $15.5 billion.
Other major net inflow contributors included Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund (FBTC) with $8.1 billion, Cathie Wood’s ARK 21Shares Bitcoin ETF with $2.1 billion, and Bitwise Bitcoin ETF Trust (BITB) with $1.7 billion.
Cumulative investment flows into the spot Bitcoin ETF market stand at nearly $11.8 billion as of this writing.
Related: Is China Interested in Bitcoin ETFs? BTC investor’s answer arouses curiosity
The U.S. Securities and Exchange Commission (SEC) recently postponed a decision to approve or reject applications for a spot Ether (ETH) ETF from several service providers.
Applications from BlackRock, Grayscale and Invesco Galaxy were recently pushed back to July.
“The Commission has determined that it is appropriate to specify a longer period for issuing an order approving or disapproving a proposed rule change to allow sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said. It was revealed. Related documents.
The SEC postponed a decision on applications from all potential Ether ETF issuers, including Fidelity, Franklin Templeton, Hashdex and Ark 21Shares, in line with analyst expectations.
magazine: CZ was sentenced to prison, Gensler deemed Ether a security, and the FBI targeted Mixer. Hodler’s Digest, April 28-May 4
