Grayscale Bitcoin ETF takes the slow train to recoup $17.4B outflows

Crypto asset manager Grayscale has broken the four-month outflow streak from its spot Bitcoin exchange-traded fund (ETF), with inflows into the Grayscale Bitcoin Trust (GBTC) continuing for the second day in a row.

On average, roughly $218 million exited GBTC daily for 78 days straight since Jan. 11. In the process, GBTC saw over $17.5 billion in outflows.

This downward trajectory reversed on May 3, when GBTC recorded its first inflow of $63 million. As a result, the overall spot Bitcoin (BTC) ETF market recorded net positive inflows of $378.3 million following seven days of bleeding.

Spot Bitcoin ETF flow table (in United States dollars). Source:

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, overall spot Bitcoin ETFs in the U.S. maintain a positive balance sheet. BlackRock’s iShares Bitcoin Trust attracted the largest overall investment, with net inflows of $15.5 billion.

Other major net inflow contributors 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.

Related: Is China warming up to Bitcoin ETFs? BTC investor’s reply sparks curiosity

The U.S Securities and Exchange Commission (SEC) recently delayed its decision to approve or deny spot Ether (ETH) ETF applications from several providers.

Decisions on applications from BlackRock, Grayscale and Invesco Galaxy were recently pushed to July.

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC wrote in a related filing.

The SEC delayed decisions on applications from all prospective Ether ETF issuers, including Fidelity, Franklin Templeton, Hashdex and Ark 21Shares, as analysts expected.

Magazine: CZ gets jail sentence, Gensler viewed Ether as security, and FBI targets mixers: Hodler’s Digest, April 28 – May 4


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