Grayscale Bitcoin Trust (GBTC) reported a 5% increase in premarket trading on Monday as the fund welcomed its first inflows since January. GBTC was converted into a Bitcoin spot ETF at the beginning this year and recorded nearly $17.5 billion in Capital outflows since then.
The recent inflow, which topped $63 million on Friday, was noted by Farside Investor – a notable change in the fund's financial trajectory. According to the dashboard of on-chain data platform Arkham Intelligence, GBTC currently manages $18.8 billion, equivalent to 295,409 BTC.
Additionally, Grayscale has announced plans to ask the U.S. Securities and Exchange Commission (SEC) to approve a new Bitcoin Mini Trust with lower fees, although the fee structure has yet to be established.
BlackRock's IBIT Bitcoin Spot ETF is behind GBTC, managing 273,824 BTC, or $17.2 billion. Furthermore, IBIT has attracted investments from reputable traditional institutions. Hong Kong-based Yong Rong Asset Management bought nearly $38 million worth of IBIT shares, representing 12% of the reported shares, according to Bloomberg ETF analyst Eric Balchunas.
Balchunas emphasized that Hong Kong investors now have access to Bitcoin and Ethereum ETFs in the region, and wondered if high volumes combined with lower fees were the reason Yong Rong got involved. into a US-traded ETF?
The SEC's approval of spot Bitcoin ETFs in January significantly changed the regulatory landscape, giving investors a way to gain exposure to Bitcoin without directly owning it.
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Minh Anh
According to Dailyhodl
