On May 6th, US spot Bitcoin ETFs experienced a notable net inflow of $217 million, as reported by SoSoValue. This influx of capital marks a rebound from a previous trend of significant outflows, with Grayscale’s GBTC trust still recording a historical net outflow of $17.4 billion since its establishment.
GBTC itself saw a modest inflow of $3.9 million, marking its second consecutive day of gains, following a substantial $63 million inflow on Friday. This uptick occurred after the US SEC greenlit 10 new ETFs in January 2024. GBTC’s share price also benefited from these positive inflows.
Leading the influx, Fidelity’s FBTC ETF registered a remarkable $99.2 million in single-day inflows, bringing its total historical net inflow to $8.1 billion. Similarly, the ARKB ETF, managed by Ark Invest and 21Shares, attracted $75.6 million in just one day, boosting its total net inflow to $2.2 billion.
Collectively, these ETFs hold a combined net asset value of $52.2 billion, accounting for 4.19% of Bitcoin’s total market value. The total historical net inflow across all spot Bitcoin ETFs currently stands at $11.8 billion, signaling a significant shift in investor sentiment.
In response to competition from lower-cost alternatives, Grayscale announced in March its plans to launch a “Bitcoin Mini Trust.” This new fund will manage a portion of GBTC’s assets, although specific details about its fee structure have yet to be disclosed.
Meanwhile, Bitcoin’s 200-day moving average has reached an all-time high of $50,178, indicating a strong long-term bullish trend. This comes after a brief price dip following the Bitcoin network’s block reward halving on April 20th, which saw prices fall to around $57,000. However, the recent rise in the 200-day moving average suggests potential for continued growth in Bitcoin’s value.