Nexo

Join the hunt for $12,000,000+ in NEXO Tokens!

Learn More
Home » Bitcoin » Bitcoin hits $63,000 following first-time inflows into Grayscale Bitcoin Trust

Bitcoin hits $63,000 following first-time inflows into Grayscale Bitcoin Trust

by

GBTC ETF rebounds as $63 million inflow ends prolonged withdrawal period.

First-time inflows into Grayscale Bitcoin Trust

Share this article

Bitcoin (BTC) reclaimed the $63,000 mark on Binance late Friday as inflows into US spot Bitcoin exchange-traded funds (ETFs) made a comeback. Notably, Grayscale’s spot Bitcoin ETF, Grayscale Bitcoin Trust ETF (GBTC), ended its 80-day outflow streak – the fund attracted $63 million in inflows in today’s trading session, according to data from Coinglass.

At the time of writing, BTC is trading at around $62,900, up 6.5% in the last 24 hours, according to data from CoinGecko. The flagship crypto dipped below $57,000 on Wednesday ahead of the Fed’s interest rate decision and extended its correction after the FOMC meeting. However, the price started to recover earlier this morning as it broke through the key level of $61,000.

The GBTC fund is the largest spot Bitcoin ETF with over $18.7 billion in assets under management. Before converting from Bitcoin Trust to an ETF earlier this year, the fund held around 620,000 BTC.

GBTC has been under pressure from investors’ cash-out, particularly since the approval of competing spot Bitcoin ETFs in January. As of April 18, GBTC’s holdings had been slashed in half.

Bloomberg ETF analyst Eric Balchunas expressed surprise as GBTC reversed its long-term outflow trend, saying, “We’re so back.”

While GBTC has seen recent gains, persistent outflows over the last months have allowed competitors like BlackRock iShares Bitcoin Trust (IBIT) to narrow the gap. As of May 2, IBIT held $17.2 billion in Bitcoin AUM.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.