Finally, after 80 days with negative results, Grayscale's Bitcoin spot ETF, GBTC, reached a day with positive returns. On this occasion, the ETF recorded inflows of $63 million. Since its launch on January 10, GBTC had not reported any capital flow inflows. Even during much of this period of time, This was the only ETF that reported capital outflows. According to some specialists, it is because GBTC is the ETF that charges the most commissions, 3% per transaction, while some, such as BlackRock's IBIT, commissions do not exceed 1%. Although Grayscale is the largest fund within the group of ETF issuers, by mid-April I had already sold half of the bitcoins that make up their investment fund for the ETF, as reported in BitcoinDynamic. And yet, it remains the fund with the largest capital. The end of the bad streak for GBTC coincides with the growth of the entire ETF market, since they had registered 7 continuous days of capital outflows. For this May 3, after a week, they finally registered entries for 378 million.
Chart showing Grayscale GBTC inflows and outflows. Source: Farside Investors. Personalities from the world of finance such as Eric Balchunas, ETF specialist for Bloomberg, highlighted this milestone, joking that had to double check the data to see if this was truly true.
Eric Balchunas is one of the main personalities within the Bitcoin ETF market. Source: @EricBalchunas / X.com. After all, GBTC almost lost its crown as the largest Bitcoin ETF, but now everything changes as it made its first day of inflows. The reasons for this change are not entirely clear, but it is assumed that the recent entries are also due to the fact that Grayscale has been heavily promoting its GBTC.