Key Points
- The total net outflow of Bitcoin ETFs was a little over $11 million yesterday.
- Bitcoin is trading above $63k, up by over 2% in the past 24 hours.
The latest reports from SoSoValue show that the total net outflow of Bitcoin ETFs from yesterday is approximately $11.2 million.
Grayscale ETF GBTC had a single-day net outflow of $43.3 million, and BlackRock ETF IBIT had a single-day net inflow of US$14.1 million.
A few days ago, on May 3, Grayscale Investments recorded positive net inflows for its BTC ETF, GBTC. The crypto product saw a net inflow of about $63 million, its first one since the approval of the company’s BTC ETF back in January.
Grayscale’s parent company reports $229 million revenue for Q1 2024
Grayscale’s parent company has just reported its Q1 revenue of $229 million, up by 11% from the previous quarter.
Digital Currency Group (DCG) shared a letter to shareholders this week in which it detailed that Grayscale accounted for $156 million of the Q1 revenue.
This was reportedly due to a sharp rise in the prices of BTC and ETH and, according to the notes the amount was about flat from the previous quarter.
The company said that Grayscale expected outflows alongside increased competition under the ETF wrapper, the Q1 revenue attributable to GBTC exceeded their expectations.
The other DCG ventures, the crypto mining pool Foundry and the investing platform Luno, saw revenue surges of 35% and 46%, respectively.
The company also revealed that Q1 2024 was marked by various developments for the industry, including the approval of Grayscale Bitcoin ETF, GBTC, along with the other 10 BTC ETFs in the US at the beginning of the year.
Another important factor is Bitcoin reaching new ATHs in March. The company said that they are seeing a strong start to the year overall. On a yearly basis, DCG’s Q1 revenue was up by 51% versus the same time during 2023.
Bitcoin trades above $63k
Bitcoin has just regained the $63k level, up by over 2% on CoinMarketCap.
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Bitcoin received a strong optimism injection from ESMA this week. A potential decision coming from the European Union securities watchdog could have a massive impact on Bitcoin and the crypto industry in general
The European Securities and Markets Authority (ESMA) has just asked stakeholders whether it should add crypto into investment products. This could enable digital assets to flow into a market that’s bigger than Bitcoin ETFs in the US – over 12 trillion Euros.
Also, new reports revealed that the former president of the US, Donald Trump, and the Federal Reserve could unleash $4 trillion in Bitcoin, sending the token to $200k by 2025.
