GBTC Outflows and Record Inflows for Spot Bitcoin ETFs
Grayscale’s spot Bitcoin exchange-traded fund (ETF) (GBTC) experienced net outflows of nearly $600 million on Thursday, marking the second-largest outflow day since January 11, 2024, as reported by Farside investors. The total outflows from GBTC since January 11 amount to $8,406.3 million. “Gonna assume some of this is from Genesis? $600 million out of GBTC,” shared Bloomberg analyst James Seyffart.
However, in contrast to GBTC, the ten spot Bitcoin exchange-traded funds (ETFs) observed a remarkable inflow of $673.4 million on Wednesday. This surge was mainly attributed to BlackRock, which received $612.1 million in inflows, according to BitMEX Research data. With BlackRock’s inflows counterbalancing GBTC outflows, the total positive flow into spot Bitcoin ETFs on Thursday reached $92 million.
Institutional Interest in Bitcoin ETFs on the Rise
Notably, Bitcoin spot ETFs are gaining momentum in the market. BlackRock’s IBIT set a personal record with $3.3 billion in trading volume, doubling its previous figure over three consecutive days. Similarly, Fidelity’s spot Bitcoin ETF also doubled its trading volume record, reaching $1.4 billion, as highlighted by Bloomberg analyst James Seyffart.
Moreover, recent reports suggest that Morgan Stanley is exploring the addition of spot Bitcoin ETFs to its brokerage platform. The financial institution is currently engaged in due diligence procedures, indicating a growing interest from traditional financial entities in the cryptocurrency sector.
