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COINTURK NEWS > Bitcoin News > Grayscale Bitcoin Trust Experiences Fluctuating Investment Trends
Bitcoin News

Grayscale Bitcoin Trust Experiences Fluctuating Investment Trends

In Brief

  • Grayscale Bitcoin Trust saw a rare entry of $66.9 million in May.

  • Other Bitcoin ETFs maintained positive investment balances overall.

  • VanEck CEO highlighted significant retail investor contributions to Bitcoin ETFs.

COINTURK NEWS
COINTURK NEWS 12 months ago
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Grayscale’s spot Bitcoin exchange-traded fund witnessed rare entries, which ceased within two days as exits returned. Since its launch on January 11, the Grayscale Bitcoin Trust (GBTC) ETF fund recorded over $17.5 billion in exits over 78 days, followed by an entry of $66.9 million in May.

Contents
What’s Happening on the ETF Front?Prominent Figure Makes Noteworthy Statement

What’s Happening on the ETF Front?

These investments occurred on May 3 and May 6, with $63 million and $3.9 million entering respectively. However, the trend of entries could not maintain its momentum since then. GBTC recorded exits worth $28.6 million and $43.4 million on May 7 and May 9 respectively, negating its recent investments. On both days, Grayscale was the only spot Bitcoin ETF issuer to report exits.

Throughout this period, the remaining nine Bitcoin ETF funds approved by the United States Securities and Exchange Commission (SEC) either recorded positive investments or did not invest at all. Since its launch, Grayscale Bitcoin Trust has been losing an average of $211 million per day. However, entries into other ETF funds ensured that the net balance remained positive at $11.7 billion.

Prominent Figure Makes Noteworthy Statement

All Bitcoin ETF issuers, except for GBTC, have positive entry balances. BlackRock’s iShares Bitcoin Trust has attracted the highest investments to date, totaling approximately $15.5 billion. Other notable issuers include Fidelity’s Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF fund, and Cathie Wood’s ARK 21Shares Bitcoin ETF fund, which currently have net entries of $8.1 billion, $1.7 billion, and $2.2 billion respectively.

Speaking specifically on the topic during the Paris Blockchain Week in April, VanEck CEO Jan VanEck stated that retail investors accounted for 90% of Bitcoin ETF entries and mentioned:

“Some Bitcoin whales and other institutions moved some assets, but they were already invested in Bitcoin.”

During this time, VanEck was expecting some major institutional investments from banks and traditional firms by May.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 10 May, 2024 - 7:12 pm 10 May, 2024 - 7:12 pm
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