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Grayscale‘s Bitcoin ETF GBTC experienced its first net inflow of new money from investors since its launch in January, according to Farside Investors. There was a net raise of $63 million on Friday, marking a significant recovery from previous outflows.
Initially, GBTC was the primary choice for traditional investors who wanted to access Bitcoin without purchasing the cryptocurrency directly. However, its dominance was challenged in January when it was converted into an ETF and faced competition from nine other spot Bitcoin ETFs.
One of the factors contributing to GBTC’s loss of market share is its relatively high fees compared to its competitors. As a result, investors withdrew billions of dollars from the fund, leading to a significant decline in Bitcoin holdings from 600,000 to 290,000 bitcoins.
Despite these challenges, GBTC remains one of the largest Bitcoin ETFs with $18.1 billion in assets. However, BlackRock’s iShares Bitcoin Trust (IBIT) is closing in on GBTC’s lead with $16.9 billion in assets. Remarkably, IBIT started from scratch in January, while GBTC started with over $26 billion in assets.
The recent inflow into GBTC points to a potential shift in investor sentiment towards the fund, but we don’t yet know if this trend will continue in the coming months.
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