Bitcoin

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Grayscale Bitcoin Trust

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/grayscale-bitcoin-trust-sees-major-daily-inflow/" data-wpel-link="internal">Grayscale Bitcoin Trust Sees Major Daily Inflow</a><br></p>
<p style="text-align: justify">According to data provided by Farside Investors, Grayscale <a href="https://en.coin-turk.com/significant-decline-in-bitcoin-whale-transactions/" data-wpel-link="internal">Bitcoin</a> Trust (GBTC), the world’s largest spot Bitcoin ETF, made a significant surprise on the last trading day of the week. GBTC saw its first daily net inflow since its launch in January, amounting to $63 million.</p> 
<h2 style="text-align: justify" id="strong-gbtc-records-a-63-million-inflow-strong"><strong>GBTC Records a $63 Million Inflow</strong></h2> 
<p style="text-align: justify">According to Farside Investors, on May 3, the last trading day of the week, GBTC experienced a net inflow of $63 million. Historically, the Grayscale product has stood out as an important traditional <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investment</a> option for those interested in Bitcoin without directly purchasing cryptocurrencies.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347671" src="https://coin-turk.com/wp-content/uploads/2024/05/Bitcoin-Altcoin-Farside-Investors.png" alt="" width="654" height="913"></p> 
<p style="text-align: justify">In January, it was transformed into an ETF and faced serious competition following the U.S. Securities and Exchange Commission’s (SEC) approval of nine rival spot Bitcoin ETFs.</p> 
<p style="text-align: justify">Due to relatively higher fund management fees, <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> have withdrawn billions of dollars from GBTC so far. As a result, according to compiled fund data, the fund’s Bitcoin assets, which were over 600,000 before being converted into a spot ETF, are now approximately at 290,000. This corresponds to a reduction of up to 50% of the fund’s Bitcoin assets.</p> 
<h2 style="text-align: justify" id="strong-blackrock-s-ibit-challenges-gbtc-strong"><strong>BlackRock’s IBIT Challenges GBTC</strong></h2> 
<p style="text-align: justify">The net inflow to GBTC on the last trading day of the week indicates the end of a net outflow streak for the spot Bitcoin ETF, but BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), is currently challenging GBTC for the title of the largest spot Bitcoin ETF.</p> 
<p style="text-align: justify">While GBTC currently holds assets worth $18.1 billion, IBIT has assets worth $16.9 billion. It is worth noting that IBIT, currently in second place, started trading in January with zero assets, while GBTC opened with assets over $26 billion.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/grayscale-bitcoin-trust-sees-major-daily-inflow/" data-wpel-link="internal">Grayscale Bitcoin Trust Sees Major Daily Inflow</a></h5>

Grayscale Bitcoin Trust Sees Major Daily Inflow

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