Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

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 <p class="paragraph">As Bitcoin (BTC) continues to recover, United States spot exchange-traded funds (ETFs) linked to the cryptocurrency have registered record net inflows.</p>
 <p class="paragraph">The Grayscale Bitcoin Trust ETF (GBTC) has successfully ended its <a rel="noopener noreferrer nofollow" title="80-day" href="https://thebittimes.com/tag/80-day.html">80-day</a> <a rel="noopener noreferrer nofollow" title="losing" href="https://thebittimes.com/tag/losing.html">losing</a> <a rel="noopener noreferrer nofollow" title="streak" href="https://thebittimes.com/tag/streak.html">streak</a>, capturing a significant $63 million <a rel="noopener noreferrer nofollow" title="inflow" href="https://thebittimes.com/tag/inflow.html">inflow</a> on May 3. This milestone marks the first net <a rel="noopener noreferrer nofollow" title="inflow" href="https://thebittimes.com/tag/inflow.html">inflow</a> since GBTC’s transformation into a Bitcoin ETF back in January.</p>
 <p class="paragraph">Recent data from Farside highlights this dramatic shift, with Grayscale’s GBTC securing $63 million in inflows, a stark reversal from the approximately $17.5 billion of outflows it has suffered since the launch of spot Bitcoin ETFs on January 11.</p>
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 <p class="paragraph">Despite intense competition, GBTC remains the largest Bitcoin spot ETF, managing over $18.7 billion assets under management (AUM) and about 297,000 BTC. However, this continued outflow has allowed newer competitors like the BlackRock’s (NYSE: BLK) iShares Bitcoin Trust (IBIT), which now boasts $16.9 billion in AUM as of May 3.</p>
 <p class="paragraph">One of the main challenges for Grayscale has been its fees. The crypto fund manager charges a 1.5% management fee for GBTC holders, which is significantly higher than the fees charged by many other ETF providers, including BlackRock and Fidelity.</p>
 <p class="paragraph">This has been a critical factor in the ongoing outflows since January. In an effort to regain its competitive edge, Grayscale is considering launching a “mini” Bitcoin ETF with lower fees to compete with the array of new, highly popular ETFs.</p>
 <h2 class="wp-block-heading" id="h-competing-bitcoin-spot-etfs">Competing Bitcoin spot ETFs</h2>
 <figure class="wp-block-image size-full"><img decoding="async" width="776" height="870" src="https://cdn.thebittimes.com/images/2024/05/04/01fec80440c157243ed767dfe7c284f6.webp" alt class="wp-image-173832" srcset="https://cdn.thebittimes.com/images/2024/05/04/01fec80440c157243ed767dfe7c284f6.webp 776w, https://cdn.thebittimes.com/images/2024/05/04/01fec80440c157243ed767dfe7c284f6.webp 268w, https://cdn.thebittimes.com/images/2024/05/04/01fec80440c157243ed767dfe7c284f6.webp 768w" sizes="(max-width: 776px) 100vw, 776px">
  <figcaption class="wp-element-caption">
   Bitcoin ETF flow. Source.<em>Farside</em>
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 <p class="paragraph">Fidelity Wise Origin Bitcoin Fund (FBTC) topped the chart for daily inflows with $102.6 million, followed by the Bitwise Bitcoin Fund (BITB) which garnered $33.5 million, and the Invesco Galaxy Bitcoin ETF (BTCO) close behind at $33.2 million.</p>
 <p class="paragraph">Interestingly, BlackRock’s IBIT recorded <a rel="noopener noreferrer nofollow" title="inflow" href="https://thebittimes.com/tag/inflow.html">inflow</a>s of only $12.7 million, placing it second-last for the day. This indicates that other market players, particularly Fidelity, are gradually catching up to BlackRock.</p>
 <p class="paragraph">Additionally, there has been a noticeable increase in investment from Hong Kong-based companies in U.S. spot Bitcoin ETFs, signaling a signaling a growing optimism among institutional investors in these funds.</p>
 <p class="paragraph">Prominent crypto influencer <em>DivXman</em> noted on Twitter that GBTC had been the “primary source” of sell pressure across all spot Bitcoin ETFs, but suggested that “the tides” might be turning.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">The Grayscale Bitcoin Trust $GBTC had inflows of $63M today. This is scary bullish. <br><br>They've been the primary Bitcoin sell pressure this entire year. If that sell pressure is gone.. <br><br>Let's just say I hope you bought all the cheap #Bitcoin you could over the last few days. pic.twitter.com/iUKBzzce8m</p>— DivXMaN (@crypto_div) May 3, 2024
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 <h2 class="wp-block-heading" id="btc-price-analysis">BTC price analysis</h2>
 <figure class="wp-block-image size-full"><img decoding="async" width="720" height="524" src="https://cdn.thebittimes.com/images/2024/05/04/f24a845b767ff2011d5f2239f667c09e.webp" alt class="wp-image-173830" srcset="https://cdn.thebittimes.com/images/2024/05/04/f24a845b767ff2011d5f2239f667c09e.webp 720w, https://cdn.thebittimes.com/images/2024/05/04/f24a845b767ff2011d5f2239f667c09e.webp 300w" sizes="(max-width: 720px) 100vw, 720px">
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   BTC 1 day price chart. Source<em>. Finbold</em>
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 <p class="paragraph">Bitcoin’s price has surged with a one-day gain of 1.65%, reaching $63,930 at press time. This increase coincides with the growing positive sentiment surrounding Bitcoin, potentially spurred by the encouraging developments in the ETF sector.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-etf-breaks-80-day-losing-streak-with-bullish-btc-inflow-tbt87432.html">https://thebittimes.com/bitcoin-etf-breaks-80-day-losing-streak-with-bullish-btc-inflow-tbt87432.html</a></p>

Bitcoin ETF breaks 80-day losing streak with bullish BTC inflow

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