GBTC Breaks Losing Streak With $63M First Inflow – CM

Grayscale Bitcoin Trust (GBTC), a renowned Bitcoin ETF known for counting its losses since the inception of spot Bitcoin ETFs in January, has recorded its first-ever daily inflow on May 3, 2024.

This breakthrough has seen the investment firm interrupt the three-month outflow streak it has continued to witness since its launch. According to data from a London-based investment management firm, Farside, GBTC saw inventors pump $63 million in Bitcoin investment into its treasury.

This milestone saw Grayscale’s GBTC emerge with the second-largest Bitcoin ETF inflow for the day, surpassing Blackrock’s IBIT for the first time.

GBTC: A Resurgence For The Bitcoin ETF Landscape

Notably, this positive trend extended beyond Grayscale’s GBTC, as other Bitcoin funds also saw a resurgence in their daily inflow on the same day. Fidelity’s FBTC led the trail with a $102.6 million daily inflow, marking the highest Bitcoin investment ever pumped into its Fund since the SEC’s approval.

Although little, Blackrock’s IBIT also recorded a $12.7 million inflow after several days of zero inflows. The leading Bitcoin ETF, IBIT, which has always led the ecosystem with the highest daily inflow, has stopped receiving new investments since April 24. With a slight resurgence in its daily inflow today, there is a boost in enthusiasm for Bitcoin ETFs once again.

BTC Surpasses $64,000 After Persisting Correction

Weeks after the conclusion of the highly anticipated Bitcoin halving event, the market continued to witness a persisting downturn, with the price of Bitcoin plummeting to as low as $56000, with other altcoins following suit with notable downtrends.

However, the recent resurgence in Bitcoin ETFs has influenced the crypto market, as token prices are approaching previous highs as of the time of writing. As of May 4, the price of Bitcoin is up by about 8%, trading around the $64k mark.