Bitcoin

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An average of about $218 million was withdrawn from the Grayscale spot Bitcoin (BTC) exchange-traded fund (ETF) every day for 78 days starting January 11.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.

Spot Bitcoin ​​ETF Flow Sheet (USD). Source: farside.com

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.

β€œThe 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