Grayscale’s spot Bitcoin exchange-traded fund (ETF) has seen inflows for the second day in a row. This is a significant turnaround from the losses of over $17.5 billion that have happened since spot Bitcoin ETFs started in January.
Farside Investors data shows that on May 6, $3.9 million came into Grayscale’s Bitcoin Trust (GBTC), which is the most significant spot Bitcoin ETF in the world. This number isn’t as significant as the large amount of funding that has come into other funds like the Fidelity Wise Origin Bitcoin Fund (FBTC), but it was enough to give GBTC its second day in a row of net outflows.
GBTC’s Outflow Trend Reversed
GBTC has lost 33% of its Bitcoin reserves since it became an ETF on January 10. Before that, it was losing money all the time. But the fund is now on the list of funds that have received net inflows, which is a significant modification.
The general spot Bitcoin ETF market saw inflows of over $378.3 million on May 3 and a total of $217 million on May 6. Top performers like FBTC and Ark 21Shares Bitcoin ETF (ARKB) helped drive the inflows.
Bloomberg expert Eric Balchunas says that the spot ETF market is likely to see a mix of flows going in and out over time. This is because the market is expected to keep growing and has a strong group of dedicated investors.
These inflows happen at the same time as recent changes in Bitcoin’s performance. In the past few days, Bitcoin has been going down. Bitcoin’s value dropped to almost $57,000 before rising again to over $65,000. At the time of this writing, however, BTC is selling at $64,400, down 1.59% over the last 24 hours.
