{"id":19564,"date":"2024-05-04T19:00:46","date_gmt":"2024-05-04T19:00:46","guid":{"rendered":"https:\/\/coinengineer.io\/?p=19564"},"modified":"2024-05-04T13:13:34","modified_gmt":"2024-05-04T13:13:34","slug":"gbtc-sees-first-daily-inflows-since-etf-conversion","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/gbtc-sees-first-daily-inflows-since-etf-conversion\/","title":{"rendered":"GBTC Sees First Daily Inflows Since ETF Conversion"},"content":{"rendered":"<p>Investors poured more money into the largest <a href=\"https:\/\/coinengineer.net\/blog\/u-s-nonfarm-payroll-data-misses-expectations-bitcoin-jumps\/\">bitcoin<\/a> exchange-traded fund (ETF) by assets, <a href=\"https:\/\/www.investopedia.com\/news\/why-buy-expensive-bitcoin-etf-instead-actual-bitcoin\/\">Grayscale Bitcoin Trust<\/a> (GBTC), on a daily basis for the first time since the product&#8217;s launch in January, according to Farside Investors.<\/p>\n<p>Friday saw an additional $63 million added, according to Farside&#8217;s count.<\/p>\n<p>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.<\/p>\n<p>Due to its much-increased fees, <strong>GBTC<\/strong> saw its investors withdraw billions of dollars. Data obtained by CoinDesk shows that the fund&#8217;s bitcoin holdings have decreased from over 600,000 bitcoin to approximately 290,000 bitcoin.<\/p>\n<p>Even if the net <strong>GBTC<\/strong> withdrawals streak ended on Friday, the fund is still competing with BlackRock&#8217;s iShares Bitcoin Trust (IBIT) for the title of largest bitcoin ETF. <strong>GBTC&#8217;s<\/strong> assets currently stand at $18.1 billion, while IBIT&#8217;s are $16.9 billion. <strong>GBTC<\/strong> began the month with over $26 billion, whereas IBIT, which is presently in second place, began with $0.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s launch in January, according to Farside Investors. Friday saw an additional $63 million added, according to Farside&#8217;s count. For individuals seeking to invest in bitcoin without actually<\/p>\n","protected":false},"author":6,"featured_media":19566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[5862,2093,3759],"class_list":["post-19564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blackrocks-ishares-bitcoin-trust-ibit","tag-gbtc","tag-grayscale-bitcoin-trust"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GBTC Sees First Daily Inflows Since ETF Conversion - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Investors return to GBTC after months of outflows. Is this a sign Bitcoin&#039;s back in favor? 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