In a rather shocking event, bitcoin/bitcoin-etf-sees-60-drop-outflows/” rel=”nofollow noopener” target=”_blank”>Grayscale bitcoin Trust (GBTC) has registered its first influx after witnessing important daily outings since its launch.
Grayscale bitcoin ETF Sees Over $60 Million in Inflows
Grayscale's Spot bitcoin ETF finally broke its streak of 82 days of outflows since its launch on January 11, 2024. GBTC experienced its first day of inflows on May 3, after witnessing approximately $17.46 billion in outflows.
According data From Farside, an investment management firm, Grayscale's Spot bitcoin ETF had racked up inflows of around $63 million, along with other bitcoin ETFs like iShares bitcoin Trust (IBIT) by BlackRock which had tickets for 12.7 million dollars.
Total receipts recorded on that single day amounted to approximately $378.3 million, with bitcoin-news/bitcoin-begins-rally-as-franklin-templeton-joins/” rel=”nofollow noopener” target=”_blank”>Franklin Templeton bitcoin Spot ETFEZBC, leading the pack with the largest inflows of $102.6 million.
Bloomberg senior analyst and ETF expert Eric Balchunas expressed disbelief at the grayscale change. x.com/ericbalchunas/status/1786517760937218354?s=46″ rel=”nofollow” target=”_blank”>commented which had to do extensive checks to confirm the unexpected development.
Additionally, the surprising influx comes after a recent development that saw 10 US spot bitcoin ETFs come together, including BlackRock's IBIT. recording huge outflows of money worth more than 563.7 million dollars in one day. These departures were possibly caused by the Federal Reserve (FED) decision to keep rates unchanged, resulting in a broader slowdown in the cryptocurrency market.
btc had also seen significant drops around the same time; However, currently the cryptocurrency is up 6.36% in the last 24 hours, jumping above the $60,000 support levels to trade at $63,175, according to CoinMarketCap.
Factors behind massive GBTC outflows
Grayscale experienced its first recorded entry after experiencing hundreds of millions in daily departures since its conception. The asset management company's Spot bitcoin ETF also saw its largest outflow of approximately $589.9 million on February 29.
Several factors have contributed to GBTC's daily outflows, including its exorbitant 1.5% annual management fee. Compared to the 12 bitcoin Spot ETFs in the United States (US), Grayscale has the most expensive bitcoin Spot ETF fee, surpassing even BlackRock, the second largest btc ETF provider, which has a management average annual. 0.25% commission.
Some of Grayscale outputs They were also the result of a reported selling connection with an insolvent cryptocurrency exchange, FTX and other defunct cryptocurrency companies. FTX had sold around $1 billion in GBTC while Genesis, a cryptocurrency brokerage for institutional investors, had sold nearly 36 million GBTC shares to buy crypto/genesis-acquires-over-32000-btc-after-offloading-gbtc-shares/” rel=”nofollow noopener” target=”_blank”>32,041 btc valued at more than $2.1 billion.
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btc price now sitting above $63,000 | Source: BTCUSD on Tradingview.com
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