As a seasoned crypto investor with a deep understanding of the market dynamics, I find this recent turnaround in Grayscale Bitcoin Trust (GBTC) inflows encouraging. After enduring seven weeks of significant outflows totaling over $17.5 billion, it’s reassuring to see GBTC recording two consecutive days of inflows, amounting to $66.9 million. This trend is a positive sign for the broader spot Bitcoin ETF market, which has maintained a net positive balance sheet despite GBTC’s significant outflows.
As a crypto asset analysis specialist, I’ve noticed that Grayscale, a well-known crypto asset manager, has recently ended a four-month streak of outflows from its flagship product, the Grayscale Bitcoin Trust (GBTC). For the second consecutive day, investors have injected fresh funds into this trust.
Approximately $218 million was withdrawn on a daily basis from Grayscale’s Bitcoin (BTC) exchange-traded fund (ETF), GBTC, for 78 consecutive days starting from January 11. In total, this amounted to over $17.5 billion being taken out.
On May 3rd, GBTC experienced a turnaround with an influx of $63 million, marking the first increase in investments. Consequently, the broader Bitcoin ETF market absorbed $378.3 million in total new investments over the subsequent week, halting the previous seven days’ trend of outflows.
On May 6, following the market reopening, GBTC recorded an additional inflow of $3.9 million. This brings the total amount of money flowing into the fund since the beginning of the month to approximately $66.9 million.
In spite of GBTC experiencing a net withdrawal of $17.4 billion, the aggregate Bitcoin ETFs in the US still show a positive balance sheet. The BlackRock iShares Bitcoin Trust (IBIT) recorded the highest inflows with approximately $15.5 billion invested.
Among the significant sources of net inflow are Fidelity Wise Origin Bitcoin Fund from Fidelity Investments with a value of $8.1 billion, Cathie Wood’s ARK 21Shares Bitcoin ETF bringing in $2.1 billion, and the Bitwise Bitcoin ETF Trust with a contribution of $1.7 billion.
As a market analyst, I can tell you that the total amount of investments poured into the Bitcoin Spot ETF market up to this point reaches approximately $11.8 billion.
As a crypto investor, I’ve noticed that the SEC has put off making a final call on the approval or rejection of Ether (ETH) spot ETF proposals from various providers.
Applications from BlackRock, Grayscale and Invesco Galaxy were recently pushed to July.
The SEC decided to give itself more time to review the proposed rule change thoroughly and address any related concerns before making a final approval or disapproval decision.
The Securities and Exchange Commission (SEC) postponed rulings on Ether exchange-traded fund (ETF) applications from various contenders, which include Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares, as predicted by financial analysts.
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2024-05-07 11:34