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The Greyscale Bitcoin Trust ETF finally took in more new cash than it lost, snapping an 11-week run of positive gains of $63 million, according to CoinGlass.
GBTC has seen many investors pour money into the competitive space since Bitcoin ETFs were approved in January, the flow of which alone often outweighs the entire new space.
“Holy crap $GBTC had earnings today,” Bloomberg ETF analyst Eric Balchunas tweeted. “Their 80-day opportunity is finally over. I had to roll my eyes and double-check the data, but it's true.”
He added, “On a scale of 1-10, ‘how did we get back?'”
GBTC is still the largest Bitcoin spot ETF, with over $18.7 billion in assets under management (AUM) combined with 297,000 Bitcoin. But steady outflows have allowed new competitors to close the gap, and BlackRock's iShares Bitcoin Trust (IBIT) had $17.2 billion in AUM as of Tuesday.
Greyscale's good news comes a day after rival EFBT saw its exit from investment giant BlackRock. IBIT has grown to $15.4 billion since its Wall Street debut but contracted to $37 million yesterday, according to Farside Investors. A $563 million inflow was seen during the BTC price drop on Wednesday.
Bitcoin ETFs saw $563 million in outflows in the middle of the week, eclipsing the daily record of $326 million set in mid-March, according to CoinGlass data.
GPTC's steady outflows have prompted some analysts to wonder if the once-dominant fund will ever exit Bitcoin.
To make up for the loss, Grayscale has offered a “mini” bitcoin ETF with low fees, aiming to better compete with nearly a dozen popular newcomers.
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