Grayscale's Bitcoin ETF recorded positive cash flow for the first time as it raised $63 million

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VIC Crypto
05-04
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After 80 consecutive days of negative cash flow, Grayscale's long-standing Bitcoin fund bought $63 million for the first time.

According to CoinGlass, the Grayscale Bitcoin Trust ETF has finally gained new inflows compared to its lost sales, ending a chain of 11 consecutive weeks of negative inflows with a positive $63 million .

GBTC has seen a lot of investor withdrawals since Bitcoin Spot ETFs were approved by the SEC in January, with its outflows alone weighing down the entire nascent Bitcoin funds space. ETF.

Bloomberg ETF analyst Eric Balchunas tweeted: “My God, GBTC became cash flow positive today.”

Holy crap $GBTC had inflows today. Their 80 day-ish streak is finally over. I had to run my eyes and double check the data but it's true. https://t.co/I4TTU4q5Q1

— Eric Balchunas (@EricBalchunas) May 3, 2024

GBTC remains the largest Bitcoin Spot ETF, with over $18.7 billion in Assets Under Management (AUM) along with approximately 297,000 Bitcoin. But consistently high daily sales volumes allow competitors to close the gap, and BlackRock iShares Bitcoin Trust (IBIT) has $16.9 billion AUM .

The good news for Grayscale comes a day after competing ETF IBIT from investment giant BlackRock recorded its first day of negative cash flows. According to Farside Investor, IBIT has grown to $15.4 billion since its Wall Street debut, but fell $37 million yesterday.

The entire list of ETFs saw $563 million worth of outflows, recording their worst day ever amid BTC price declines on Wednesday, eclipsing the daily record. The previous date was $326 million set in mid-March.

The relentless outflow for GBTC has led some analysts to ponder whether the once-dominant fund plans to sell out of BTC .

However, to make up for its losses, Grayscale has proposed a “mini” Bitcoin ETF with lower fees, aiming to better compete with dozens of new ETFs with extremely active volume. .

VIC Crypto compiled

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