Crypto:
30205
Bitcoin:
$68.420
% 1.85
BTC Dominance:
%54.1
% 0.32
Market Cap:
$2.48 T
% 1.89
Fear & Greed:
72 / 100
Bitcoin:
$ 68.420
BTC Dominance:
% 54.1
Market Cap:
$2.48 T

GBTC Sees First Daily Inflows Since ETF Conversion

Gbtc

Investors poured more money into the largest bitcoin exchange-traded fund (ETF) by assets, Grayscale Bitcoin Trust (GBTC), on a daily basis for the first time since the product’s launch in January, according to Farside Investors.

Friday saw an additional $63 million added, according to Farside’s count.

For individuals seeking to invest in bitcoin without actually buying the cryptocurrency, the Grayscale product has long been the go-to traditional investment vehicle. However, nine competing spot bitcoin ETFs entered trading in January, along with its conversion to an easier-to-trade ETF.

Due to its much-increased fees, GBTC saw its investors withdraw billions of dollars. Data obtained by CoinDesk shows that the fund’s bitcoin holdings have decreased from over 600,000 bitcoin to approximately 290,000 bitcoin.

Even if the net GBTC withdrawals streak ended on Friday, the fund is still competing with BlackRock’s iShares Bitcoin Trust (IBIT) for the title of largest bitcoin ETF. GBTC’s assets currently stand at $18.1 billion, while IBIT’s are $16.9 billion. GBTC began the month with over $26 billion, whereas IBIT, which is presently in second place, began with $0.

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