According to data provided by Farside Investors, Grayscale Bitcoin Trust (GBTC), the world’s largest spot Bitcoin ETF, made a significant surprise on the last trading day of the week. GBTC saw its first daily net inflow since its launch in January, amounting to $63 million.
GBTC Records a $63 Million Inflow
According to Farside Investors, on May 3, the last trading day of the week, GBTC experienced a net inflow of $63 million. Historically, the Grayscale product has stood out as an important traditional investment option for those interested in Bitcoin without directly purchasing cryptocurrencies.
In January, it was transformed into an ETF and faced serious competition following the U.S. Securities and Exchange Commission’s (SEC) approval of nine rival spot Bitcoin ETFs.
Due to relatively higher fund management fees, investors have withdrawn billions of dollars from GBTC so far. As a result, according to compiled fund data, the fund’s Bitcoin assets, which were over 600,000 before being converted into a spot ETF, are now approximately at 290,000. This corresponds to a reduction of up to 50% of the fund’s Bitcoin assets.
BlackRock’s IBIT Challenges GBTC
The net inflow to GBTC on the last trading day of the week indicates the end of a net outflow streak for the spot Bitcoin ETF, but BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), is currently challenging GBTC for the title of the largest spot Bitcoin ETF.
While GBTC currently holds assets worth $18.1 billion, IBIT has assets worth $16.9 billion. It is worth noting that IBIT, currently in second place, started trading in January with zero assets, while GBTC opened with assets over $26 billion.
