Grayscale’s GBTC spot Bitcoin ETF rakes in $4M

The GBTC spot exchange-traded fund belonging to Grayscale managed to rake in $4 million within the converted trust. This was the second inflow. This is after 78 days of the GBTC ETF net outflows when it came in for a further .$63 million.

From the time GBTC converted into the spot bitcoin trust earlier this year, it has been exposed to a collective net outflow amounting to 17 billion. It controls roughly 292.217 BTC, valued at $18.4 billion in assets, a drop from 619.220 BTC.  

In the meantime, the eleven US spot bitcoin ETFs added $217.6 million in funds. Fidelity’s FBTC led the list of net inflows with $99 million, while Ark Invest’s Bitcoin fund raked in $76 million.  

BlackRock’s IBIT fund, which had no flows, received an inflow of $22 million. Invesco and Galaxy Digital’s BTCO received $11 million in net inflows. Bitwise, VanEck, and Franklin Templeton received net inflows of $2 million. 

Following the 23rd of April, there was a continuous stream of net inflows. In the same month, the net outflow of the US spot bitcoin ETFs, with $343.5 million being drawn out of the funds. 

The day-to-day volume of trade involving the funds has fallen from its peak in March. The previous week, the volume of trade was roughly $11 billion, compared to $32 billion in March. Bitcoin trading fell by 1.17% and stood at $63,152.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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