Grayscale Bitcoin ETF Snaps Losing Streak, Pulls In $63 Million – Decrypt

The Grayscale Bitcoin Trust ETF finally drew more new cash than it lost, snapping an 11-week streak with a positive gain of $63 million, according to CoinGlass.

GBTC has been seen so many investors cashing out since competing spot Bitcoin ETFs were approved in January, its outflows alone often weighed down the entire nascent space.

“Holy crap $GBTC had inflows today,” tweeted Bloomberg ETF analyst Eric Balchunas. “Their 80 day-ish streak is finally over. I had to run my eyes and double check the data but it’s true.”

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He added: “On a scale of 1-10 how ‘we’re so back’ is this?”

GBTC is still the largest Bitcoin spot ETF, with over $18.7 billion assets under management (AUM) coupled with about 297,000 Bitcoin. But constant outflows allowed newer competitors to close the gap, and the BlackRock iShares Bitcoin Trust (IBIT) has $17.2 billion AUM as of Tuesday.

The good news for Grayscale comes soon after spot Bitcoin ETFs logged their worst day on record, when half a billion dollars in net outflows coincided with a drop in the price of BTC on Wednesday.

Bitcoin ETFs saw mid-week outflows of $563 million, CoinGlass data showed, overshadowing the previous daily record $326 million set in mid-March.

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