Grayscale’s Bitcoin ETF experienced significant outflows, surpassing the $66.9 million it had attracted just days prior.
Inflows to Grayscale’s spot Bitcoin exchange-traded fund (ETF), which had briefly appeared in May, ceased after just two days as outflows resumed.
Following its launch on January 11, the Grayscale Bitcoin Trust (GBTC) ETF experienced continuous outflows totaling over $17.5 billion across 78 consecutive days. In May, a brief reversal occurred with inflows totaling $66.9 million on May 3 and 6, consisting of $63 million and $3.9 million respectively.
Despite this temporary uptick, the influx of investments quickly dwindled, failing to sustain its momentum.
Grayscale Bitcoin Trust (GBTC) experienced outflows totaling $28.6 million on May 7 and $43.4 million on May 9, effectively reversing recent inflows. Notably, Grayscale remained the sole destination for spot Bitcoin transactions on both of these days.
During the specified period, the nine Bitcoin ETFs approved by the United States Securities and Exchange Commission (SEC) either experienced positive investments or remained neutral.
On average, the Grayscale Bitcoin Trust has seen a daily loss of $211 million since its inception. However, inflows into other ETFs have compensated, maintaining a net positive balance of $11.7 billion. With the exception of GBTC, all Bitcoin ETF issuers have garnered positive inflows.
Among them, BlackRock’s iShares Bitcoin Trust stands out, accumulating nearly $15.5 billion in investments thus far. Notable issuers also include Fidelity’s Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF, and Cathie Wood’s ARK 21Shares Bitcoin ETF, boasting net inflows of $8.1 billion, $1.7 billion, and $2.2 billion, respectively.
During an interview with Cointelegraph at Paris Blockchain Week in April, CEO Jan VanEck of VanEck stated that 90% of Bitcoin ETF inflows originate from the retail sector. He noted, “While a few Bitcoin whales and other institutions have transferred assets, they already had exposure to Bitcoin.”
By May, VanEck foresaw the imminent arrival of significant institutional investments from banks and traditional firms.
Read More: Here are two compelling reasons to purchase Bitcoin as if there’s no tomorrow
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