US Spot Bitcoin ETFs See $217M Net Inflows as GBTC Posts Second Consecutive Positive Day

Bitcoin Spot ETF GBTC USA
Last updated:
Author
Author
Jai Pratap
About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

US spot Bitcoin ETFs saw a net inflow of $217 million on May 6th, according to data from SoSoValue. This surge comes after a period of massive outflows, with Grayscale’s GBTC trust still experiencing a historical net outflow of $17.4 billion since its inception.

GBTC Sees Inflows on Second Consecutive Day

Grayscale’s GBTC did manage a modest single-day inflow of $3.9 million, marking its second consecutive positive day after recording $63 million inflows on Friday for the first time since the US SEC approved 10 new ETFs in January 2024. GBTC share price also witnessed an uptick after positive inflows.

Fidelity’s FBTC ETF led the charge with a massive $99.2 million single-day inflow, bringing its total historical net inflow to $8.1 billion. Ark Invest and 21Shares’ ARKB ETF also saw significant interest, attracting $75.6 million in a single day, pushing its total net inflow to $2.2 billion.

With a combined net asset value of $52.2 billion, these ETFs now represent 4.19% of the total Bitcoin market value. The total historical net inflow for all spot Bitcoin ETFs sits at $11.8 billion, highlighting a significant shift in investor sentiment.

In a bid to compete with lower-cost rivals, Grayscale announced plans in March to spin off a “Bitcoin Mini Trust” from GBTC. This new vehicle would hold a portion of GBTC’s assets, but details regarding its exact fee structure remain under wraps by the company.

Bitcoin 200 Day Moving Average At All-Time High

Bitcoin’s 200-day moving average reached an all-time high of $50,178 on Monday. This key technical indicator suggests a long-term bullish trend for the world’s leading cryptocurrency.

This positive signal comes after a temporary dip following the Bitcoin network’s block reward halving on April 20th. The price briefly dropped to nearly $57,000, but the recent surge in the 200-day moving average indicates a potential for sustained growth.

https://twitter.com/APompliano/status/1787466346671817208

More Articles

Price Analysis
$TRUMP Pumping Over 20% This Week: Presidential Memecoin Back for Good?
Arslan Butt
Arslan Butt
2025-02-15 15:26:50
Price Analysis
Study Predicts Bitcoin Surge to $1M by Early 2027: Is That Possible?
Arslan Butt
Arslan Butt
2025-02-15 14:45:43
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors