Grayscale Bitcoin Trust Witnesses Positive Shift in Inflows 📈
After a four-month period of consistent outflows, Grayscale’s spot Bitcoin exchange-traded fund (ETF) has finally experienced a positive turn. Over the last two days, the Grayscale Bitcoin Trust (GBTC) has attracted inflows totaling $66.9 million.
Signs of Recovery for Grayscale Bitcoin ETF
The initial indication of a rebound emerged on May 3, with a $63 million inflow into GBTC, marking the end of a prolonged downward trend. The influx and subsequent inflows resulted in a net positive inflow of $378.8 million over a seven-day period. An additional $3.9 million inflow on May 6 further cemented the positive trend, bringing the total capital influx into GBTC to $66.9 million.
- Confirmed: Every Bitcoin ETF sees net inflows for the second consecutive day.
- Even GBTC.
Bitcoin ETFs in the U.S. market continue to exhibit profitability, with GBTC leading the pack, boasting the most significant investment with net inflows reaching $15.5 billion.
Factors Contributing to Inflows in Bitcoin ETFs
Several other Bitcoin exchange-traded funds have shown robust performance, attracting investments and contributing to the overall positive trend in the sector.
The Block data reveals that among the top performers are:
- Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund with $8.1 billion in net inflows
- Cathie Wood’s ARK 21 Shares Bitcoin ETF with $2.1 billion
- The Bitwise Bitcoin ETF Trust with $1.7 billion
The strong performance of Bitcoin in the market has undeniably played a role in drawing investors to these ETFs, as evidenced by the current cumulative investment flow into the spot Bitcoin ETF market of approximately $11.8 billion.
SEC Postpones Decision on Spot Ether ETFs
In other developments, the U.S. Securities and Exchange Commission (SEC) has delayed its decision regarding the approval or denial of several applications for spot Ether (ETH) ETFs. The rulings on applications from industry giants like BlackRock, Grayscale, and Invesco Galaxy have been pushed back to July, along with applications from other Ether ETF issuers including Fidelity, Hashdex, Franklin Templeton, and Ark 21 Shares.
The SEC has indicated that more time is needed to thoroughly assess the proposed rule changes and address the concerns raised within the applications before making a decision.
Hot Take 🔥
Keep an eye on the evolving trends in Bitcoin and Ether ETFs as market dynamics and regulatory decisions continue to shape the landscape of digital asset investment.
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