Bitcoin spot exchange-traded funds (ETFs) saw a positive net inflow of $45 million on May 28, marking their 11th consecutive day of gains, despite the Grayscale Bitcoin Trust ETF (GBTC) experiencing outflows of $105.2 million.
These ETFs collectively received an inflow of 632 BTC, with BlackRock’s and Fidelity’s products overshadowing the outflow of 1,550 BTC from GBTC. BlackRock’s iShares Bitcoin Trust (IBIT) reported the largest inflow of $102.5 million, followed by Fidelity’s Wise Origin Fund (FBTC) with $34.3 million.
On the same day, Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) did not see any inflows. The significant outflow from GBTC led to the product losing its position as the largest spot ETF in terms of BTC holdings, as investors withdrew funds due to higher costs associated with the product.
Before transitioning to an ETF, Grayscale held over 600,000 BTC. After 96 days of trading, BlackRock’s IBIT surpassed GBTC in BTC holdings, with 288,671 BTC valued at $19.7 billion, compared to GBTC’s 287,488 BTC valued at $19.6 billion.
Since the launch of Bitcoin ETFs in the United States in January, these funds have acquired over 566,662 BTC, now managing over 840,000 BTC. Despite the consistent capital inflows, Bitcoin needs to maintain a price above $70,000 to instill confidence. Currently priced at $67,900, BTC briefly reached a peak of around $70,590 before experiencing a downward trend.
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