The landscape of exchange-traded funds (ETFs) related to Bitcoin witnessed notable fluctuations on May 31, as there was a significant increase in net inflows alongside significant outflows from certain key players.
$BTC
#ETF
Net Inflow on May 31, 2024: +$49M!
• Net inflows have remained positive for 14 consecutive trading days.
•
#Grayscale
(GBTC) experienced an outflow of $124.3M, the highest level in the past 21 trading days.
• Inflows for
#BlackRock
(IBIT) rebounded…
pic.twitter.com/2YkXYJXv62
— Spot On Chain (@spotonchain)
June 1, 2024
The sector of Bitcoin ETFs observed a net inflow of $49 million on May 31, reflecting a positive trend that has persisted for 14 consecutive trading days. This continued influx of capital highlights the increasing interest and confidence of investors in Bitcoin as a viable investment amidst the broader market dynamics.
Grayscale Faces Challenges
However, not all entities in the sector had a favorable day. Grayscale’s Bitcoin Trust (GBTC), one of the most significant funds, reported an outflow of $124.3 million. This represents the highest level of outflows for the fund in the past 21 trading days, indicating a potential shift in investor sentiment towards this specific vehicle.
In stark contrast, BlackRock’s Bitcoin ETF, known as IBIT, experienced a significant rebound in inflows. After a modest $1.6 million the previous day, inflows surged to $169 million. This signifies a substantial recovery and reflects strong investor demand and confidence in the offerings by BlackRock.
