Franklin

Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

<ul>
 <li>Grayscale Bitcoin Trust (GBTC) recorded a day of net inflows totalling $63 million on May 3, contrasting previous outflow trends.</li>
 <li>Fidelity Wise Origin Bitcoin Fund led with $102.6 million in inflows, signalling strong investor interest in cryptocurrency funds.</li>
 <li>Bitcoin’s price surged by 6.21% to $63,170, underlining the impact of investment flows on its growth.</li>
</ul>
<p>The Grayscale Bitcoin Trust (GBTC) of Grayscale Investments had a day of net inflows after months of constant outflows. This differs from the earlier trend of heavy outflows experienced following its transformation to a Bitcoin Exchange-Traded Fund (ETF) on January 11.&nbsp;</p>
<p>According to Farside <a href="https://farside.co.uk/?p=1321" target="_blank" rel="noopener noreferrer nofollow">data</a>, the fund saw an inflow of $63 million on May 3, a stark contrast to the $17.5 billion lost since the start of the year.</p>
<p>Other funds in the sector also reported robust activity, with The Fidelity Wise Origin Bitcoin Fund leading with an impressive $102.6 million in inflows. Franklin Templeton’s Bitcoin ETF and Invesco Galaxy Bitcoin ETF also saw substantial inflows, recording $60.9 million and $33.2 million, respectively.</p>
<p>DivXman, a crypto investor, explained to his followers that the Grayscale Bitcoin Trust (GBTC) has been the main source of selling pressure on all spot Bitcoin ETFs. He, however, noted that this trend might be shifting.</p>
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   <p lang="en" dir="ltr">GBTC inflows of $63M. What does this mean?<br><br>The Grayscale Bitcoin Trust <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBTC</a> was the primary source of sell pressure across all spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETFs since they went live in January 2024.<a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBTC</a> leading outflows throughout the year was due to several factors, the most apparent… <a href="https://t.co/A0qDzGbuNh" rel="noopener noreferrer nofollow">pic.twitter.com/A0qDzGbuNh</a></p>— DivXMaN (@crypto_div) <a href="https://twitter.com/crypto_div/status/1786534176088347031?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 3, 2024</a>
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<p>These inflows come at a bullish time for the cryptocurrency, as&nbsp; Bitcoin’s price surged by 6.21% in the last 24 hours to $63,170. The market reaction underscores the influence of investment flows on Bitcoin’s price stability and growth potential.</p>
<p><strong>Underlying Challenges&nbsp;</strong></p>
<p>Grayscale’s earlier outflows were influenced by several factors, including competitive fee structures from other funds. For instance, Franklin Templeton offers a fee of just 0.19%, significantly lower than GBTC’s 1.5%. This disparity has played a crucial role in shaping investor preferences and fund performance during the period.</p>
<p>The recent inflow is a positive development for Grayscale, suggesting potential stabilization and renewed investor interest in its offerings. This change in inflow dynamics could signal a broader shift in cryptocurrency investments as investor confidence returns.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4>
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<p>The post <a href="https://cryptonewsland.com/grayscales-gbtc-sees-positive-inflow-after-prolonged-downturn/" rel="noopener noreferrer nofollow">Grayscale’s GBTC Sees Positive Inflow After Prolonged Downturn</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Grayscale’s GBTC Sees Positive Inflow After Prolonged Downturn

Crypto News Land

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