The landscape of Bitcoin-related exchange-traded funds (ETFs) experienced notable fluctuations today, with a dramatic increase in net inflows contrasting sharply with significant outflows from some key players.
šØ $BTC #ETF Net Inflow May 31, 2024: +$49M!ā¢ The net inflow has been positive for 14 consecutive trading days.ā¢ #Grayscale (GBTC) experienced an outflow of $124.3M, the highest level in the past 21 trading days.ā¢ The single-day inflow of #BlackRock (IBIT) reboundedā¦ pic.twitter.com/2YkXYJXv62
ā Spot On Chain (@spotonchain) June 1, 2024
The Bitcoin ETF sector saw a net inflow of $49 million on May 31, marking a positive trend that has persisted for 14 consecutive trading days. This continued influx of capital underscores growing investor interest and confidence in Bitcoin as a viable investment amidst broader market dynamics.
Grayscale Faces Challenges
However, the day was not favorable for all entities in the sector. Grayscaleās Bitcoin Trust (GBTC), one of the most significant funds, reported an outflow of $124.3 million. This marks the highest level of outflows for the fund in the past 21 trading days, signaling a potential shift in investor sentiment towards this particular vehicle.
In stark contrast, BlackRockās Bitcoin ETF, known as IBIT, saw a significant rebound in inflows. From a modest $1.6 million the previous day, inflows surged to $169 million. This represents a substantial recovery and points to robust investor demand and confidence in BlackRockās offerings.