As Bitcoin (BTC) continues to recover, United States spot exchange-traded funds (ETFs) linked to the cryptocurrency have registered record net inflows.
The Grayscale Bitcoin Trust ETF (GBTC) has successfully ended its 80-day losing streak, capturing a significant $63 million inflow on May 3. This milestone marks the first net inflow since GBTC’s transformation into a Bitcoin ETF back in January.
Recent data from Farside highlights this dramatic shift, with Grayscale’s GBTC securing $63 million in inflows, a stark reversal from the approximately $17.5 billion of outflows it has suffered since the launch of spot Bitcoin ETFs on January 11.
Bitcoin ETF flow. Source.Farside
Fidelity Wise Origin Bitcoin Fund (FBTC) topped the chart for daily inflows with $102.6 million, followed by the Bitwise Bitcoin Fund (BITB) which garnered $33.5 million, and the Invesco Galaxy Bitcoin ETF (BTCO) close behind at $33.2 million.
Interestingly, BlackRock’s IBIT recorded inflows of only $12.7 million, placing it second-last for the day. This indicates that other market players, particularly Fidelity, are gradually catching up to BlackRock.
Additionally, there has been a noticeable increase in investment from Hong Kong-based companies in U.S. spot Bitcoin ETFs, signaling a signaling a growing optimism among institutional investors in these funds.
Prominent crypto influencer DivXman noted on Twitter that GBTC had been the “primary source” of sell pressure across all spot Bitcoin ETFs, but suggested that “the tides” might be turning.
The Grayscale Bitcoin Trust $GBTC had inflows of $63M today. This is scary bullish. They've been the primary Bitcoin sell pressure this entire year. If that sell pressure is gone.. Let's just say I hope you bought all the cheap #Bitcoin you could over the last few days. pic.twitter.com/iUKBzzce8m
— DivXMaN (@crypto_div) May 3, 2024BTC price analysis
BTC 1 day price chart. Source. Finbold
Bitcoin’s price has surged with a one-day gain of 1.65%, reaching $63,930 at press time. This increase coincides with the growing positive sentiment surrounding Bitcoin, potentially spurred by the encouraging developments in the ETF sector.
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