Bitcoin
Grayscale’s GBTC Sees First Inflow Since Bitcoin ETF Debuts in January
The Grayscale Bitcoin Trust (GBTC), the largest bitcoin ETF by assets, has seen a net inflow of new money from investors, according to Farside Investorsthe first daily increase since the product debuted in January.
A net $63 million was added on Friday, according to Farside’s record.
The Grayscale product has been the dominant conventional investment vehicle for those looking to invest in bitcoin (BTC) without directly purchasing the cryptocurrency. But it won competition in January, when it was converted into an easier-to-trade ETF at the same time that nine rival bitcoin ETFs began trading.
GBTC has much higher fees and investors have withdrawn billions of dollars from it. His bitcoin holdings fell from over 600,000 bitcoins to around 290,000 bitcoin, according to fund data compiled by CoinDesk.
While Friday’s inflow ends GBTC’s streak of net withdrawals, BlackRock’s iShares Bitcoin Trust (IBIT) is challenging the fund for the title of largest bitcoin ETF. GBTC now has US$18.1 billion in assets, versus IBIT US$16.9 billion. IBIT, now in second place, started at zero in January, while GBTC was worth more than $26 billion.