Grayscale Spot Bitcoin ETF Records First Inflow Of $63 Million Since Launch

Key Points:

• Grayscale spot Bitcoin ETF sees its first daily increase since January, with a net inflow of $63 million, breaking an 80-day outflow streak.
• Bitcoin surpasses $63,000 as US spot Bitcoin ETFs experience a resurgence in inflows.
• Despite the competition, GBTC remains the largest Bitcoin spot ETF, with over $18.7 billion in AUM.

The Grayscale spot Bitcoin ETF (GBTC), the leading bitcoin ETF, experienced a surge in investor interest with a net inflow of $63 million, marking its first daily increase since its debut in January, as reported by HODL15Capital.

Read more: Bitcoin Spot ETF vs Futures ETF: Differences To Make The Right Investment Choice

Grayscale Spot Bitcoin ETF Breaks Streak: $63 Million Inflow Marks Turning Point

Bitcoin (BTC) rallied to surpass the $63,000 mark following a resurgence in inflows into US spot Bitcoin exchange-traded funds (ETFs). Notably, Grayscale spot Bitcoin ETF broke its 80-day outflow streak, drawing in $63 million in today’s trading session.

Earlier this week, BTC dipped below $57,000 in anticipation of the Fed’s interest rate decision but began a recovery, breaching the crucial $61,000 level this morning.

GBTC Maintains Dominance Despite Rival ETF Volatility

Despite recent challenges, GBTC remains the largest Bitcoin spot ETF, boasting over $18.7 billion in assets under management (AUM) and approximately 297,000 Bitcoin. However, competing spot Bitcoin ETFs have narrowed the gap, with the BlackRock iShares Bitcoin Trust (IBIT) amassing $17.2 billion in AUM as of Tuesday.

The positive momentum for Grayscale comes on the heels of a setback for rival IBIT from investment behemoth BlackRock, which experienced its first down day. IBIT, which had surged to $15.4 billion since its Wall Street debut, contracted by $37 million on Tuesday. Overall, the ETF sector witnessed outflows of $563 million, marking its worst day ever amidst a BTC price decline on Wednesday.