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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.

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.