Grayscale’s Bitcoin ETF Sees First Inflow After Billions Lost Since January

The
Grayscale
Bitcoin
Trust
(GBTC),
the
largest
bitcoin
ETF
by
assets,
saw
a
net
inflow
of
new
money
from
investors,

according
to
Farside
Investors,
the
first
daily
increase
since
the
product
debuted
in
January.

A
net
$63
million
was
added
on
Friday,
according
to
Farside’s

tally.

The
Grayscale
product
had
been
the
dominant
conventional
investment
vehicle
for
those
looking
to
invest
in
bitcoin

(BTC)
without
directly
purchasing
the
cryptocurrency.
But
it
got
competition
in
January
when
it
was

converted
into
an
easier-to-trade
ETF
at
the
same
time
nine
rival
spot
bitcoin
ETFs
began
trading.

GBTC
has
much
higher
fees,
and
investors
yanked
billions
of
dollars
from
it.
Its
bitcoin
holdings
have
dropped
from
more
than
600,000
bitcoin
to

around
290,000
bitcoin,
according
to
fund
data
compiled
by
CoinDesk.

Read
more:



Grayscale’s
Planned
Mini
Bitcoin
ETF
Will
Have
a
0.15%
Fee,
the
Lowest
Among
Spot
Bitcoin
ETFs

While
the
Friday
inflow
ends
the
streak
of
net
GBTC
withdrawals,
BlackRock’s
iShares
Bitcoin
Trust
(IBIT)
is
challenging
the
fund
for
the
title
of
biggest
bitcoin
ETF.
GBTC
now
has

$18.1
billion
in
assets,
versus
IBIT’s

$16.9
billion.
IBIT,
now
in
second
place,
started
at
zero
in
January,
while
GBTC
had
more
than
$26
billion.