2024-5-8 10:04 |
After experiencing two days of inflows, US Bitcoin ETFs faced net outflows on May 7, totaling $15.7 million. Grayscale Bitcoin ETF was affected the most, with GBTC seeing a single-day net outflow of $28.6 million per SoSoValue data.
As of the close of trading on May 7, GBTC reported cumulative outflows nearing $17.5 billion.
The fund saw its second consecutive day of net inflow on May 6, with $4 million flowing in. This came shortly after it ended its 78-day streak of net outflows on Friday, adding $63 million.
Grayscale remains in demandDespite facing substantial outflows, Grayscale’s GBTC remains a key player among institutional investors. High management fees have not deterred significant holdings, as evidenced by Susquehanna International maintaining over $1 billion in Bitcoin within GBTC as per the first quarter filings of 2024.
Meanwhile, the share price of GBTC (NYSEARCA: GBTC) jumped by 10% over the past week due to renewed inflows. However, it faced a slight drop on Tuesday, closing at $56.11.
The price drop followed Grayscale’s withdrawal of its application for an Ethereum ETF on the same day.
Since its transition to a spot bitcoin trust in January, GBTC has seen a net outflow of $17 billion. At the time of publication, the trust manages approximately 292,217 BTC, valued at $18.4 billion, a reduction from 619,220 BTC as of Jan. 11.
U.S. spot ETFs see continued inflowsOn May 6, US-based spot bitcoin ETFs saw net inflows amounting to $217.06 million.
Leading the inflows was Fidelity’s FBTC with $99 million, followed by Ark Invest’s Bitcoin fund with $76 million. BlackRock’s IBIT fund also recorded a significant inflow of $22 million on the same day, recovering from zero to negative flows observed the previous week.
Invesco and Galaxy Digital’s BTCO reported notable daily net inflows of $11 million. Additionally, ETFs from Bitwise, VanEck, and Franklin Templeton each recorded around $2 million in daily net inflows.
The post Grayscale's GBTC outflows continue following two days of inflows appeared first on Invezz
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