Grayscale Bitcoin ETF Rebounds with $32M Inflows, Sparking Investor Confidence.
The grayscale spot Bitcoin ETF (GBTC) is showing improvement, notching some $32 million in inflows during the latest trading session. The crypto asset manager took this to be a welcome resumption, breaking a more-than-four-month streak of outflows from the fund.
The Grayscale Spot #Bitcoin #ETF Struggles with Early Inflows Challenges Spot ETF This January, Grayscale Spot Bitcoin ETF converted from a trust to a spot ETF, and since then, it has been facing withdrawals of over $17 billion. Largely, this has been due to relatively high fees compared with competitors and the wave of bankruptcies that hit the crypto industry in the past two years, forcing companies to withdraw funds to repay creditors.
GBTC attracted inflows of $31.6 million on Friday. Right now, more than $18 billion in assets is managed by Grayscale. Last month, the firm filed to the Securities and Exchange Commission a registration for a new, lesser-cost Bitcoin Mini Trust, but fees for this new fund are not yet predetermined.
