On May 6th, US spot Bitcoin ETFs experienced a net increase of $217 million in inflows, as reported by SoSoValue. This influx follows a significant period of withdrawals, notably with Grayscale’s GBTC trust facing a cumulative net outflow of $17.4 billion since it began.
GBTC Sees Inflows on Second Consecutive Day
Grayscale’s GBTC achieved a modest single-day inflow of $3.9 million, marking its second consecutive day of gains after a notable $63 million influx on Friday. This increase followed the US SEC’s approval of 10 new ETFs in January 2024, which spurred investor interest. Concurrently, GBTC’s share price benefited from these positive inflows.
Fidelity’s FBTC ETF led the market with an impressive $99.2 million inflow in a single day, elevating its total historical net inflow to $8.1 billion. Similarly, the ARKB ETF, managed by Ark Invest and 21Shares, attracted $75.6 million in a single day, boosting its total net inflow to $2.2 billion.
These ETFs now hold a combined net asset value of $52.2 billion, accounting for 4.19% of the total Bitcoin market value. Collectively, the historical net inflow for all spot Bitcoin ETFs stands at $11.8 billion, indicating a substantial shift in investor sentiment.
In response to competition from lower-cost alternatives, Grayscale announced in March its plans to launch a “Bitcoin Mini Trust” derived from GBTC. This new entity will manage a portion of GBTC’s assets, although specific details about its fee structure have not yet been disclosed by the company.
Bitcoin 200 Day Moving Average At All-Time High
Bitcoin’s 200-day moving average hit a record high of $50,178 on Monday, signaling a potential long-term bullish trend for the leading cryptocurrency.
This optimistic trend follows a temporary dip in price after the Bitcoin network’s block reward halving on April 20th, when the price momentarily fell to around $57,000. However, the recent rise in the 200-day moving average points to the possibility of continued growth.
