Grayscale Bitcoin Trust Sees First Inflows In 3 Months, Hong Kong ETF Market Gains Traction
Summary
Grayscale Bitcoin Trust (GBTC) saw $63 million in net inflows on May 3, marking a turnaround from previous outflows. The trust faced outflows due to bankruptcies in the crypto industry. It now competes with BlackRock’s iShares Bitcoin Trust. Grayscale plans to launch a lower-fee Bitcoin Mini Trust pending SEC approval. In the US, positive net flows without outflows were observed for the first time in Bitcoin ETFs. Hong Kong's ETF market is growing, with the launch of Bitcoin and Ethereum ETFs and a new HK ETF Flow dashboard. The leading cryptocurrency's value is $63,300, with a 1.4% decrease in the past 24 hours.
