- Bitcoin spot ETFs saw significant net inflows totaling $217 million on May 6, 2024.
- Despite facing outflows and fee challenges, GBTC remains the largest spot bitcoin ETF with $18.08 billion in assets.
- Bitcoin’s price volatility post-halving prompts analysts to speculate on market recovery and potential uptrends.
Wu Blockchain reports significant net inflows into Bitcoin spot ETFs on May 6, totaling $217 million. Grayscale’s ETF, GBTC, saw a notable single-day net inflow of $3.937 million, while Fidelity’s FBTC experienced a substantial net inflow of $99.1936 million. Ark Invest and 21Shares ETF ARKB also had a significant single-day net inflow of $75.6412 million.
This news comes as shares of Grayscale Bitcoin Trust (GBTC.P) surged by 2.4% recently, following the ETF’s first day of inflows since January, according to Reuters data . Despite this positive development, GBTC has faced challenges, with $17.46 billion in withdrawals since converting from a trust to an ETF earlier this year, largely due to its higher fees compared to competitors. Some outflows were linked to bankruptcies in the crypto industry as companies sought to repay creditors.
Despite these challenges, GBTC managed to attract inflows of $63 million, managing a total of $18.08 billion in assets. However, its position as the largest spot bitcoin ETF by assets under management (AUM) is now under threat from BlackRock’s iShares Bitcoin Trust, which currently manages $16.91 billion.
Meanwhile, Bitcoin’s price today is $63,660.57 , with a 24-hour trading volume of $30,499,448,154. It’s gone down by 0.85% in the past day, and its market cap stands at $1,253,798,152,191. There are 19,695,050 BTC coins in circulation at the moment out of a maximum supply of 21,000,000 BTC coins.
Bitcoin, after halving, has viewed downturns within the range below reaccumulation in three weeks amid the occasion. Still, with Bitcoin having already surpassed the reaccumulation range of about $60,000 during the latest cycle, some analysts like Rekt Capital argue that the danger zone might be over. At the start of bull markets in 2016, treading on the lowest 11% of Bitcoin by a 21-day wick around the halving, the price reversal started.
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