Grayscale, a crypto asset manager, has ended its four-month streak of outflows from its Bitcoin exchange-traded fund (ETF). Inflows into the Grayscale Bitcoin Trust (GBTC) have continued for two consecutive days. Since January 11, GBTC has experienced daily outflows averaging around $218 million for a total of 78 days, resulting in a total outflow of over $17.5 billion. However, this trend reversed on May 3 when GBTC recorded its first inflow of $63 million. As a result, the overall spot Bitcoin ETF market saw net positive inflows of $378.3 million after seven days of decline.
On May 6, GBTC recorded its second inflow of $3.9 million, bringing its total inflows to $66.9 million. Despite GBTC’s net outflow of $17.4 billion, the overall spot Bitcoin ETFs in the U.S. have maintained a positive balance sheet. The largest overall investment was attracted by BlackRock’s iShares Bitcoin Trust, with net inflows of $15.5 billion. Other major contributors to net inflows include Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund with $8.1 billion, Cathie Wood’s ARK 21Shares Bitcoin ETF with $2.1 billion, and the Bitwise Bitcoin ETF Trust with $1.7 billion. The cumulative flow of investments into the spot Bitcoin ETF market is nearly $11.8 billion at the time of writing.
In related news, the U.S. Securities and Exchange Commission (SEC) has postponed its decision on approving or denying spot Ether (ETH) ETF applications from several providers. Decisions on applications from BlackRock, Grayscale, and Invesco Galaxy have been pushed to July. The SEC stated that it needs more time to consider the proposed rule change and the related issues. The SEC’s delay on the decisions was expected, as it also postponed decisions on applications from other prospective Ether ETF issuers, including Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares.
Source: farside.com