Bitcoin Trust (GBTC) Sees Inflows After Four-Month Outflow Streak

Grayscale's Bitcoin Trust (GBTC) has ended its four-month streak of outflows, with inflows into the trust for the second consecutive day. Since January 11, an average of $218 million per day has been exiting GBTC, resulting in over $17.5 billion in outflows. However, on May 3, GBTC recorded its first inflow of $63 million, and on May 6, it saw a second inflow of $3.9 million, bringing the total inflows to $66.9 million. This reversal in trajectory contributed to a net positive inflow of $378.3 million into the overall spot Bitcoin ETF market after seven days of outflows. Despite GBTC's net outflow of $17.4 billion, the U.S. spot Bitcoin ETFs maintain a positive balance sheet, with BlackRock's iShares Bitcoin Trust attracting the largest overall investment of $15.5 billion. Other major contributors include Fidelity Investments' Fidelity Wise Origin Bitcoin Fund, Cathie Wood's ARK 21Shares Bitcoin ETF, and the Bitwise Bitcoin ETF Trust. The cumulative flow of investments into the spot Bitcoin ETF market is nearly $11.8 billion. The U.S. Securities and Exchange Commission (SEC) has recently delayed its decision on approving or denying spot Ether ETF applications from various providers, including BlackRock, Grayscale, and Invesco Galaxy. The decisions on these applications have been pushed to July.

Sources :
- CoinTelegraph
- TheBlock