Franklin

Bitcoin ETF

Spot

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Grayscale’s GBTC spot bitcoin ETF ended its 78-day outflow streak with $63 million of inflows.</li> 
 <li>The US spot bitcoin ETFs reported a daily net inflow of $378.3 million, the largest since March 13.</li> 
</ul>  
<p>Grayscale’s GBTC spot <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">bitcoin</a> exchange-traded fund (ETF) experienced its first daily net inflows since its conversion, breaking a 78-day streak of outflows. </p> 
<p>Since the commencement of US spot bitcoin ETFs on January 11, GBTC’s cumulative outflows exceeded $17.5 billion until May 2. However, on Friday, the high-fee fund saw a sudden inflow of $63 million, as per data from Farside Investors and CoinGlass. </p> 
<h2 id="gbtc-s-assets-under-management">GBTC’s Assets Under Management</h2> 
<p>Currently, GBTC manages assets worth 291,239 BTC ($18.3 billion), a significant drop from about 619,220 BTC on January 11. </p> 
<h2 id="us-spot-etfs-witness-inflows">US Spot ETFs Witness Inflows</h2> 
<p>Among the early reporters, Franklin Templeton’s EZBC recorded a daily net inflow of $60.9 million on Friday. Bitwise’s BITB, Ark Invest’s ARKB, and VanEck’s HODL reported net inflows of $33.5 million, $28.1 million, and $8.7 million, respectively. </p> 
<p>Fidelity’s FBTC led the pack, reporting $102.6 million of net inflows. BlackRock’s spot bitcoin ETF IBIT saw an inflow of $12.7 million, while Valkyrie’s BRRR and Invesco’s BTCO reported inflows of $35.6 million and $33.2 million, respectively. WisdomTree’s BTCW and Hashdex’s DEFI, however, saw no flows for the day. </p> 
<p>On Friday, the US spot bitcoin ETFs saw a daily net inflow of $378.3 million, their first since April 23 and the largest since bitcoin’s all-time high of $73,836 on March 13. </p> 
<p>The collective ETFs lost over $1.2 billion in seven days of consecutive outflows, including their largest-ever daily net outflows of $563.7 million on Wednesday. The cumulative net inflow for the combined ETFs since launch now stands at over $11.5 billion. </p> 
<h2 id="spot-bitcoin-etf-hype-diminishes">Spot Bitcoin ETF Hype Diminishes</h2> 
<p>The hype surrounding the spot bitcoin ETF seemed to have cooled off, with April witnessing net monthly outflows of $343.5 million, ending a three-month inflow streak and continuing into May. GBTC led the outflows in April with $2.5 billion exiting the ETF over the month. </p> 
<p>On Wednesday, bitcoin’s price dropped to a low of $56,500, a 23% fall from its March all-time high. However, with bitcoin gaining around 7% on Friday and surpassing the $63,000 level, it remains uncertain whether GBTC’s turnaround in flows signifies a reversing trend for the broader US spot bitcoin ETF category.</p>

Grayscale’s GBTC Bitcoin ETF Attracts $63M, Halting 78-Day Outflow Run

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