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Grayscale Spot Bitcoin ETF

Grayscale Spot Bitcoin ETF Turns Positive After $17.5 Billion In Outflows, Sees Inflows For The First Time

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a rather shocking development, Grayscale Bitcoin Trust (GBTC) has recorded its first-ever inflow after witnessing significant daily outflows since its launch. 

Grayscale Bitcoin ETF Records Over $60 Million In Inflows

Grayscale’s Spot Bitcoin ETF has finally broken its 82-day streak of outflows since its launch on January 11, 2024. GBTC saw its first day of inflows on May 3, after witnessing approximately $17.46 billion in outflows. 

Related Reading: Is Buying XRP A Profitable Trade? Crypto Analyst Says It’s “Dead”

According to data from Farside, an investment management firm, Grayscale’s Spot Bitcoin ETF had amassed inflows of about $63 million, alongside other Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) which had inflows of $12.7 million. 

The total inflows recorded in that single day amounted to approximately $378.3 million, with Franklin Templeton’s Spot Bitcoin ETF, EZBC, leading the pack with the highest inflows of $102.6 million. 

Expressing disbelief at Grayscale’s turnaround, Bloomberg senior analyst and ETF expert, Eric Balchunas remarked that he had to make thorough verifications to confirm the unexpected development. 

Moreover, the surprising influx comes after a recent occurrence which saw 10 US Spot Bitcoin ETFs, including BlackRock’s IBIT, collectively recording enormous outflows worth over $563.7 million in a single day. These outflows were possibly triggered by the Federal Reserve’s (FED) decision to keep rates unaltered, resulting in a broader downturn in the crypto market. 

BTC had also experienced significant declines around the same time, however, currently the cryptocurrency is up by 6.36% in the past 24 hours, jumping above $60,000 support levels to trade at $63,175, according to CoinMarketCap. 

Factors Behind GBTC’s Massive Outflows

Grayscale saw its first recorded inflow after experiencing hundreds of millions worth of daily outflows since its inception. The asset management firm’s Spot Bitcoin ETF had also experienced its highest outflow of approximately $589.9 million on February 29. 

Related Reading: Dogecoin Open Interest Crashes 66.5% In One Month, What Does This Mean For Price?

Various factors have contributed to GBTC’s daily outflows, including its exorbitant annual management fee of 1.5%. Compared to all 12 Spot Bitcoin ETFs in the United States (US), Grayscale has the most expensive Spot Bitcoin ETF fee, exceeding even BlackRock, the second largest BTC ETF provider, which has an average annual management fee of 0.25%. 

Some of Grayscale’s outflows were also a result of a reported selling connection with insolvent crypto exchange, FTX and other defunct cryptocurrency companies. FTX had sold about $1 billion worth of GBTC while Genesis, a cryptocurrency brokerage for institutional investors had sold almost 36 million shares in GBTC to purchase 32,041 BTC worth more than $2.1 billion. 

Bitcoin price chart from Tradingview.com

BTC price now sitting above $63,000 | Source: BTCUSD on Tradingview.com
Featured image from Forkast News, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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