Grayscale, the crypto asset manager, has put an end to 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 an average daily outflow of around $218 million for a total of 78 days, resulting in outflows of over $17.5 billion. However, on May 3, the trend reversed when GBTC recorded its first inflow of $63 million. This led to a net positive inflow of $378.3 million into the overall spot Bitcoin (BTC) ETF market after seven days of bleeding. GBTC recorded its second inflow of $3.9 million on May 6, bringing its total inflows to $66.9 million. Despite GBTC’s net outflow of $17.4 billion, the overall spot Bitcoin ETF market in the U.S. maintains a positive balance sheet. The largest overall investment was seen in BlackRock’s iShares Bitcoin Trust, which had 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. At the time of writing, the cumulative flow of investments into the spot Bitcoin ETF market is nearly $11.8 billion. The U.S. Securities and Exchange Commission (SEC) has recently delayed its decision on approving or denying spot Ether (ETH) ETF applications from various providers. The 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 raised. The SEC’s decision on Ether ETF applications from Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares has also been delayed, as analysts predicted.
Grayscale Bitcoin ETF Embarks on a Steady Journey to Recover $17.4B in Outflows