GBTC breaks 16-week outflow streak with $63 million inflow on May 3

Grayscale Bitcoin Trust (GBTC) experienced $63.0 cardinal successful inflows connected May 3, Farside information indicates.

The applicable regular inflows people the archetypal clip since GBTC’s January motorboat that the money avoided outflows, breaking its 16-week outflow streak.

However, GBTC’s latest time of inflows is little than its mean regular outflows implicit the past respective weeks of trading. The fund’s full outflows presently basal astatine $17.5 billion.

GBTC has $18.1 cardinal successful assets nether absorption (AUM) arsenic of May 6, making it the largest spot Bitcoin ETF by AUM, according to Coinglass data.

Possible causes

Bloomberg ETF expert James Seyffart speculated connected the origin of GBTC’s latest inflows, saying that insiders oregon executives astatine Grayscale could person made the purchases oregon that marketplace makers that utilized GBTC to hedge different ETFs could beryllium the cause.

Castle Island Ventures spouse Nic Carter suggested that an advertisement astatine LaGuardia Airport could person prompted a important investment.

Seyffart acknowledged Carter’s theory, simply writing: “Maybe that.”

Others expressed skepticism that inflows are sustainable. Blue Stone Investments proprietor Larry Bi called the inclination “short-term abnormal” and predicted that “outflow volition continue” partially due to the fact that GBTC has higher fees than competing spot Bitcoin ETFs.

The long-standing outflows tin beryllium attributed partially to Grayscale’s intermission connected GBTC redemptions anterior to the fund’s conversion to an ETF. The GBTC’s January ETF support allowed users to merchantability positions they had held for an extended period, starring to outflows.

FTX and Genesis’ income of GBTC besides contributed to outflows, portion GBTC’s precocious fees whitethorn person constricted inflows.

Other ETF performance

Nine different spot Bitcoin ETFs besides saw regular inflows connected May 3.

According to Farside data, lone Fidelity’s FBTC outperformed GBTC with $102.6 cardinal successful inflows. Franklin Templeton’s EZBC saw $60.9 cardinal successful inflows. Valkyrie‘s BRRR saw $35.6 cardinal successful inflows, Invesco’s BTCO saw $33.2 million, and Ark’s ARKB saw $28.1 million.

VanEck’s HODL saw $8.7 cardinal successful inflows, portion Wisdom’s BTCW saw zero flows.

BlackRock’s IBIT, the 2nd largest spot Bitcoin ETF by AUM, saw conscionable $12.7 cardinal successful inflows connected May 3.

The station GBTC breaks 16-week outflow streak with $63 cardinal inflow connected May 3 appeared archetypal connected CryptoSlate.