Grayscale Bitcoin Trust (GBTC) experienced $63.0 million in inflows on May 3, Farside data indicates.The relevant daily inflows mark the first time since GBTC’s January launch that the fund avoided outflows, breaking its 16-week outflow streak.However, GBTC’s latest day of inflows is lower than its average daily outflows over the past several weeks of trading. The fund’s total outflows currently stand at $17.5 billion.GBTC has $18.1 billion in assets under management (AUM) as of May 6, making it the largest spot Bitcoin ETF by AUM, according to Coinglass data.Bloomberg ETF analyst James Seyffart speculated on the cause of GBTC’s latest inflows, saying that insiders or executives at Grayscale could have made the purchases or that market makers that used GBTC to hedge other ETFs could be the cause.Castle Island Ventures partner Nic Carter suggested that an advertisement at LaGuardia Airport could have prompted a significant investment.Seyffart acknowledged Carter’s theory, simply writing: “Maybe that.”Others expressed skepticism that inflows are sustainable. Blue Stone Investments owner Larry Bi called the trend “short-term abnormal” and predicted that “outflow will continue” partly because GBTC has higher fees than competing spot Bitcoin ETFs.The long-standing outflows can be attributed partly to Grayscale’s pause on GBTC redemptions prior to the fund’s conversion to an ETF. The GBTC’s January ETF approval allowed users to sell positions they had held for an extended period, leading to outflows.FTX and Genesis’ sales of GBTC also contributed to outflows, while GBTC’s high fees may have limited inflows.Nine other spot Bitcoin ETFs also saw daily inflows on May 3.According to Farside data, only Fidelity’s FBTC outperformed GBTC with $102.6 million in inflows. Franklin Templeton’s EZBC saw $60.9 million in inflows. Valkyrie‘s BRRR saw $35.6 million in inflows, Invesco’s BTCO saw $33.2 million, and Ark’s ARKB saw $28.1 million.VanEck’s HODL saw $8.7 million in inflows, while Wisdom’s BTCW saw zero flows.BlackRock’s IBIT, the second largest spot Bitcoin ETF by AUM, saw just $12.7 million in inflows on May 3.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Stay ahead with crypto’s key news and insights. Delivered directly, every day.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
