tl;dr
The Grayscale Bitcoin Trust ETF ended an 11-week streak of outflows, gaining $63 million in new cash, as reported by CoinGlass. This comes after competing spot Bitcoin ETFs were approved in January, leading to significant investor withdrawals from GBTC. Despite this, GBTC remains the largest Bitcoin...
Grayscale Bitcoin Trust ETF has put an end to its 11-week outflow streak, attracting $63 million in new investments, signaling renewed interest from investors. Despite facing stiff competition from newer entrants like BlackRock iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Trust ETF remains the largest Bitcoin spot ETF in the market.
Following the approval of competing spot Bitcoin ETFs in January, Grayscale Bitcoin Trust ETF experienced significant investor withdrawals. However, it still boasts over $18.7 billion in assets under management (AUM) and holds approximately 297,000 Bitcoin. In contrast, the BlackRock iShares Bitcoin Trust (IBIT) has amassed $17.2 billion in AUM, narrowing the gap with Grayscale.
The positive gain of $63 million marks a turnaround for Grayscale Bitcoin Trust ETF, which had been witnessing continuous outflows. This achievement was celebrated by Bloomberg ETF analyst Eric Balchunas, who expressed surprise at the inflows after a prolonged streak of outflows. While Grayscale Bitcoin Trust ETF remains a dominant force in the market, the influx of newer competitors has exerted pressure, prompting industry observers to closely monitor the shifting landscape of Bitcoin spot ETFs.
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