Bitcoin ETF snapshot: Grayscale Bitcoin Trust records new gains, Fidelity leads daily Bitcoin ETF inflows

General

In
Monday’s
trading
session,
Grayscale’s
spot
Bitcoin
exchange-traded
fund,
Grayscale
Bitcoin
Trust
(GBTC),
saw
$3.9
million
in
net
inflows,
according
to
data
from
Farside
Investors.
Leading
the
charge,
Fidelity’s
Wise
Origin
Bitcoin
Fund
(FBTC)
reported
substantial
inflows
of
around
$99
million,
surpassing
BlackRock’s
iShares
Bitcoin
Trust
(IBIT),
which
saw
inflows
of
around
$21.5
million.

Spot Bitcoin ETF Inflow May 6 — Spot
Bitcoin
ETF
Report
on
May
6
–

Farside
Investors

This
is
not
the
first
instance
of
Fidelity
outperforming
BlackRock
in
daily
Bitcoin
ETF
inflows.
The
most
significant
difference
was
observed
last
Friday,
with
FBTC’s
inflows
exceeding
$102
million
compared
to
IBIT’s
$13
million.

But
the
spotlight
is
on
GBTC.
Last
Friday,
for
the
first
time
since
conversion,
the
fund

attracted
$63
million
in
inflows,
ending
its
prolonged
outflow
streak.

Despite
the
influx,
Nate
Geraci,
president
of
The
ETF
Store,
expressed
skepticism
regarding
its
sustainability.

“It’s
difficult
to
discern
what
might
be
behind
the
flows
into
GBTC,”
Geraci
commented.
“ETF
buyers
are
an
extremely
diverse
group
with
varying
motivations.
That
said,
I
would
be
surprised
if
the
inflows
become
a
trend.”

The
high
fee
of
1.5%
charged
by
GBTC
has
been
cited
as
a
reason
for
the
fund’s
asset
outflow.
The
rate
is
notably
higher
than
its
ten
competitors
in
the
US
market.

Additionally,
the
liquidation
of
holdings
by
bankrupt
lender
Genesis
has
contributed
to
the
decline
in
GBTC’s
assets.

Nevertheless,
Grayscale
maintains
the
lead
in
assets
under
management
within
the
category,
with
GBTC
managing
approximately
$17.4
billion,
while
IBIT
is
a
close
second
at
about
$15.4
billion.

Overall,
US
spot
Bitcoin
ETFs
enjoyed
a
day
of
net
inflows,
totaling
$217
million.

Despite
the
positive
movement
in
spot
Bitcoin
ETFs,
Bitcoin’s
price
did
not
exhibit
a
corresponding
increase.
Historically,
Bitcoin
prices
have
risen
with
significant
ETF
inflows.
However,
at
the
time
of
reporting,
Bitcoin’s
price
hovered
around
$63,400,
showing
a
1.5%
decrease
over
the
past
24
hours,
according
to
CoinGecko.

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