The meager inflows into Grayscale's spot bitcoin fund (ETF) have dried up as outflows resumed over the course of two days.
The #Grayscale #ETFvsBTC Trust #ETF (GBTC) registered inflows of $66.9 million in May after losing more than $17.5 billion in 78 days since launching on Jan. 11. On May 3 and May 6, investments came in, raising US$63 million and US$3.9 million, respectively.
However, the trend of fund inflows has not continued since then.
On May 7 and 9, GBTC recorded outflows of US$28.6 million and US$43.4 million, respectively, wiping out recently raised investments. On both days, Grayscale was the only bitcoin (BTC) ETF issuer to report an outflow of funds.
Nine other SEC-approved bitcoin ETFs recorded positive outflows or zero investments during the period.
On average, Grayscale Bitcoin Trust has lost $211 million every day since its launch. However, inflows into other ETFs have helped maintain a positive balance of $11.7 billion.
All bitcoin ETF issuers except GBTC have positive inflow balances. BlackRock's iShares Bitcoin Trust has attracted the most investment, about $15.5 billion to date.
Other notable issuers include Fidelity's Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF and Kathy Wood's #ARK 21Shares Bitcoin ETF, which currently have net inflows of $8.1 billion, $1.7 billion and $2.2 billion, respectively.
In an exclusive interview with Cointelegraph at Paris Blockchain Week in April, Jan VanEck, CEO of VanEck, said that 90% of the inflows into bitcoin ETFs are from the retail sector. Some bitcoin exchanges and other institutions are moving assets, but they were already exposed to bitcoin. "
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