0
0
Analysis of Recent Inflows and Outflows in GBTC Spot Exchange-Traded Fund
The latest data on the GBTC spot exchange-traded fund managed by Grayscale reveals some interesting trends. Recently, there was a significant inflow of $4 million into the converted trust, marking the second inflow after a period of 78 days that saw net outflows totaling $63 million.
Performance of the GBTC ETF
Since the conversion of GBTC into the spot bitcoin trust earlier this year, there has been a cumulative net outflow of $17 billion. Currently, the fund controls approximately 292.217 BTC, equivalent to $18.4 billion in assets, a decrease from 619.220 BTC previously held.
Inflows in US Spot Bitcoin ETFs
On the other hand, eleven US spot bitcoin ETFs experienced a combined inflow of $217.6 million in funds. Among them, Fidelity’s FBTC led the pack with net inflows of $99 million, followed by Ark Invest’s Bitcoin fund which attracted $76 million.
Notably, BlackRock’s IBIT fund, which had no previous flows, saw an inflow of $22 million. Invesco and Galaxy Digital’s BTCO received net inflows of $11 million each, while Bitwise, VanEck, and Franklin Templeton added $2 million each in net inflows.
Changes in Trade Volume and Bitcoin Trading
Following the 23rd of April, there was a consistent trend of net inflows recorded. However, in the same month, there was a net outflow of $343.5 million from the US spot bitcoin ETFs. The day-to-day trading volume of the funds has also declined, dropping from its peak in March.
For instance, last week’s trading volume was around $11 billion, a significant decrease from the $32 billion recorded in March. Additionally, Bitcoin trading decreased by 1.17% and settled at $63,152.
Image/Photo credit: source url
