- All US Bitcoin ETFs experienced a net outflow of $15.7 million in total.
- Grayscale recently withdrew its proposal for an Ethereum Futures ETF.
Net outflows resumed on Tuesday, May 7, ending the Bitcoin ETF trend that had been going on for two consecutive days. Grayscale Bitcoin ETF GBTC saw a net outflow of $28.6 billion, while all US Bitcoin ETFs experienced a net outflow of $15.7 million, according to statistics from Farside Investors.
The two days of inflows from Grayscale’s GBTC last week have been replaced by outflows once again. With Tuesday’s close, Grayscale’s GBTC has seen total outflows of about $17.5 billion.
Striving Hard
It is widely believed that institutional investors have been pulling their money out of GBTC due to Grayscale’s exorbitant fees. Latest SEC reports show that in the first quarter of 2024, asset management Susquehanna International had more than $1 billion worth of Bitcoin in Grayscale’s ETF (GBTC). This demonstrates that, despite significant withdrawals, institutional players are still interested in the Grayscale Bitcoin investment offering.
Following a week of resumption of inflows, the price of one share of GBTC increased by 10%. Nevertheless, it ended Tuesday’s trading session at $56.11, despite some little pressure. Grayscale also made a stunning step on Tuesday by withdrawing its proposal for an Ethereum Futures ETF.
The crypto market has been ecstatic during the previous few trading days, possibly because of the widespread belief that the Federal Reserve would initiate rate reduction in response to stronger unemployment statistics.
The Minneapolis Federal Reserve Bank President Neel Kashkari has said that the central bank is likely to keep interest rates at their present levels “for an extended period” until they are certain that inflation is approaching their objective.
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