US Spot Bitcoin ETFs Witness $217 Million Inflows as GBTC Records Second Consecutive Positive Day
By Jai Pratap
Updated: May 7, 2024 01:13 EDT
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Duration: 1 min read
According to data from SoSoValue, US spot Bitcoin ETFs experienced a net inflow of $217 million on May 6th. This influx follows a period of significant outflows, with Grayscale’s GBTC trust still experiencing a total net outflow of $17.4 billion since its inception.
GBTC Sees Inflows for Second Consecutive Day
Grayscale’s GBTC managed to attract a modest inflow of $3.9 million in a single day, marking its second consecutive positive day after recording $63 million in inflows on Friday. This is the first time since January 2024, when the US SEC approved 10 new ETFs. The GBTC share price also saw an increase following the positive inflows.
Fidelity’s FBTC ETF led the way with a substantial single-day inflow of $99.2 million, bringing its total historical net inflow to $8.1 billion. Ark Invest and 21Shares’ ARKB ETF also garnered significant interest, attracting $75.6 million in a single day and pushing its total net inflow to $2.2 billion.
With a combined net asset value of $52.2 billion, these ETFs now represent 4.19% of the total Bitcoin market value. The total historical net inflow for all spot Bitcoin ETFs currently stands at $11.8 billion, indicating a notable shift in investor sentiment.
In an effort to compete with lower-cost competitors, Grayscale announced plans in March to create a “Bitcoin Mini Trust” separate from GBTC. This new vehicle would hold a portion of GBTC’s assets, although specific details regarding its fee structure remain undisclosed by the company.
Bitcoin’s 200-day moving average reached an all-time high of $50,178 on Monday. This significant technical indicator suggests a long-term bullish trend for the leading cryptocurrency in the world.
This positive signal comes after a temporary dip following the Bitcoin network’s block reward halving on April 20th. Although the price briefly dropped to nearly $57,000, the recent surge in the 200-day moving average indicates the potential for sustained growth.
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