According to CoinGlass, the Grayscale Bitcoin Trust ETF ultimately withdrew more new money than it lost, ending its 11-week streak with a positive profit of $63 million.
GBTC has seen so many investor outflows since a competing Spot Bitcoin ETF was approved in January that those outflows alone often overwhelmed the entire space in its infancy.
Bloomberg ETF analyst Eric Balciunas tweeted: “Wow, $GBTC had some inflows today.” “Their nearly 80-day streak is finally over. We had to look hard and double-check the data, but it's true.”
She added: “On a scale of 1 to 10, how would you say you're 'completely back'?”
GBTC remains the largest Bitcoin spot ETF, with over $18.7 billion in assets under management (AUM), including approximately 297,000 Bitcoins. But constant outflows have allowed emerging competitors to close the gap, with BlackRock's iShares Bitcoin Trust (IBIT) having $17.2 billion in assets under management as of Tuesday.
The good news for Grayscale comes a day after investment giant BlackRock's rival ETF, IBIT, suffered its first down day. IBIT had ballooned to $15.4 billion since its inception on Wall Street, but shrunk by $37 million yesterday, according to Farside Investors. The ETF overall saw outflows of $563 million, marking Wednesday's worst day ever for BTC price declines.
According to data from CoinGlass, Bitcoin ETFs saw outflows of $563 million midweek, eclipsing the previous daily high of $326 million set in mid-March.
The continued flow of funds into GPTC has led some analysts to ponder whether the once-dominant fund could run out of Bitcoin.
To offset losses, Grayscale is proposing a “mini” Bitcoin ETF with lower fees, aiming to be more competitive with nearly a dozen highly popular new entrants.
