Barry Silbert has announced that his Bitcoin Investment Trust went public on OTCQX exchange, thus becoming the first publicly traded bitcoin fund.
Institutional inflows held Bitcoin close to its all-time high in June while the market saw pressure from different sides.
The combined net asset value of Bitcoin spot ETFs globally stands at $105.05 billion.
FBTC came in as the Bitcoin spot ETF with the highest net inflow last week.
Grayscale’s Bitcoin Trust (GBTC) has faced significant outflows of $21 billion, attributed to high management fees and competitive pressure from lower-cost rivals.
Grayscale’s business model that saw it hike fees on its crypto ETF products has proven to be profitable.
The funds pulled in an impressive $106 million on the day, with BlackRock’s iShares Bitcoin Trust (IBIT) clearly in charge of the movement.
Last week’s overall outflows were largely driven by two funds. Those are Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC).
The US spot Bitcoin ETF issuers have registered four consecutive days of notable cash outflow leading to a bearish outlook for the entire altcoin industry.
Presently, GBTC is struggling to find its standing and return to its previous level of relevance among investors.
This was the highest net inflow recorded by the funds in a single day since July 23.
NYSE has retracted its application to list and trade options on the Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Trust (GBTC).
Banking giant Morgan Stanley announced a near-selloff of its Grayscale holdings while liquidating a total of $269.9 million worth of GBTC shares which it held in Q1 2024.
The recent surge in Ethereum network activity signals renewed investor interest, offering hope for Ether’s long-term price appreciation.
Despite recent inflows signaling renewed confidence in Bitcoin ETFs, Grayscale’s GBTC continues to struggle with significant outflows, highlighting ongoing investor hesitation.
Grayscale’s Managing Director John Hoffman expressed optimism about the future regulatory environment for crypto ETFs. He highlighted that with 53 million Americans owning crypto and upcoming elections, the topic is gaining importance at the highest levels of government.