Grayscale’s spot bitcoin ETF logs second day of net inflows
Quick Take
- Grayscale’s spot bitcoin trust recorded two consecutive days of net inflows after ending a 78-day streak of outflows last week.
- The 11 U.S.-based spot bitcoin ETFs reported a total daily net inflow of $217 million on Monday.
Grayscale’s GBTC spot bitcoin exchange-traded fund saw its second daily net inflows on Monday, drawing in $4 million into the converted trust, according to data from SosoValue. The GBTC ETF ended its 78-day streak of net outflows on Friday, when it added $63 million.
GBTC, since its conversion into the spot bitcoin trust in January, has experienced a cumulative net outflow of $17 billion. It currently manages around 292,217 BTC ($18.4 billion) in assets, down from 619,220 BTC on Jan. 11, according to its website.
Meanwhile, the 11 U.S.-based spot bitcoin ETFs added a total of $217.06 million worth of funds on Monday. Fidelity’s FBTC led the net inflows with $99 million, while Ark Invest’s bitcoin fund drew in $76 million, according to SosoValue data.
BlackRock’s IBIT fund, which had recorded zero to negative flows last week, posted an inflow of $22 million on Monday, SosoValue data showed. Invesco and Galaxy Digital’s BTCO also reported $11 million worth of daily net inflows, and funds from Bitwise, VanEck and Franklin Templeton each scored net inflows of around $2 million.
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The funds continued the positive flow they regained last Friday, which was the first total net inflow since April 23. Last month recorded the first net monthly outflow for the U.S. spot bitcoin ETFs, with about $343.5 million being moved out of the funds.
The daily trading volume of these funds has also declined compared to their peak in March, The Block data showed. Last week saw about $11 billion in total trading volume, whereas the first week of March recorded over $32 billion.
Bitcoin traded down 1.17% in the past 24 hours as of 11:40 p.m. ET on Monday, changing hands at $63,152, according to The Block’s price page.
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