Key Points
- The other day, Bitcoin ETFs recorded net inflows of $378 million.
- Grayscale’s Bitcoin ETF, GBTC, saw its first inflow day since launch, totaling $63 million.
New data from SoSoValue shows that Bitcoin ETFs recorded a total net inflow of $378 million the other day, May 3. This day marked the first net inflow day following seven days of net outflows.
Also, this was the day when Grayscale Investments recorded positive net inflows for its Bitcoin 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.
The net inflow for Grayscale GBTC comes after the company’s product recorded about $17.5 billion in outflows since the beginning of 2024 when the 11 spot Bitcoin ETFs were launched in the US, Farside data shows.
Franklin Templeton’s Bitcoin ETF, EZBC, recorded its highest-ever inflow of $60.9 million.
Fidelity’s BTC ETF, FBTC, was the leader in the day’s inflows with $102.6 million. Bitwise’s Bitcoin ETF, BITB, recorded $33.5 million in inflows, while Invesco Galaxy’s BTC ETF, BTCO, saw $33.2 million in inflows.
There are a few factors that might have contributed to Grayscale’s ongoing outflows from the past few months, and one of the reasons could have been the high fees of the crypto product compared to other ETFs.
GBTC’s fee is reportedly set at 1.5% and the rest of the fees for other BTC ETFs are below 1%, with the cheapest one being Franklin Templeton with a 0.19% fee.
Bitcoin is up by over 6% in the past 24 hours, above $63k
Regarding the price of Bitcoin, at the moment of writing this article, BTC is trading above the important level of $63k, up by approximately 6% in the past 24 hours on CoinMarketCap.
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Earlier this week, as investors’ attention has been highly focused on the Federal Reserve’s decision regarding he interest rate, Bitcoin’s price dropped to its lowest levels in more than two months as May kicked off.
BTC’s price dipped to a little above $56,500, ahead of making a comeback, marking the debut of Bitcoin’s seasonality.
Following a few days of extreme volatility, Bitcoin has been making headlines recently, especially due to the important subject of privacy, which has been addressed by Edward Snowden more than once and by the “Bitcoin Senator” Cynthia Lummis.
On X, she expressed her concerns regarding the Biden administration criminalizing core tenants of the Bitcoin network and DeFi.
