Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

<div class="finbold">
 <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>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Opportunity? Here's Bitcoin's 'most optimal buy' entry before parabolic rally <span class="self-center text-xs text-slate-500">2 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    3 cryptocurrencies to avoid trading this week <span class="self-center text-xs text-slate-500">45 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    MicroStrategy dives into Bitcoin ‘Decentralized ID’; What’s next for MSTR stock? <span class="self-center text-xs text-slate-500">18 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    BTC optimism as institutional investors report millions in Bitcoin ETFs ownership <span class="self-center text-xs text-slate-500">20 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <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>
  </figcaption>
 </figure>
 <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>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <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
   </blockquote>
  </div>
 </figure>
 <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">
  <figcaption class="wp-element-caption">
   BTC 1 day price chart. Source<em>. Finbold</em>
  </figcaption>
 </figure>
 <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>
</div>
<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

Table of Contents

TheBitTimes

Outros artigos publicados em 4 de mai. de 2024

Breaking: Elon Musk’s Tesla Adds Dogecoin As Payment Method, DOGE Price Rally 20%

Shiba Inu Shows Resilience in Crypto Market

The BEFE Coin Buzz: What Makes It The MEME Coin For Riches

MakerDAO announces launch of two new tokens

Ripple’s XRP Faces Risk of Steeper Price Correction

England Women’s Cricket Coach Utilizes AI for Team Selection

Join our free newsletter for daily crypto updates!