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The Grayscale Bitcoin Trust (GBTC), once the leading investment vehicle for Bitcoin exposure, has recorded its first daily net inflow of $63 million since transforming into an ETF in January, according to data from Farside Investors. This shift marks a significant development, as GBTC has been facing relentless competition from newly launched spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT).
Despite the recent inflow, GBTC has faced substantial outflows over the past months, with its assets decreasing significantly from more than 600,000 bitcoin to around 290,000 bitcoin. This reduction reflects the impact of its relatively high fees and the advent of nine rival ETFs with more competitive pricing structures. In contrast, IBIT has rapidly grown its assets from zero to $16.9 billion since its debut in January, challenging GBTC’s market dominance. This competitive landscape is intensifying, as both funds vie for the title of the largest Bitcoin ETF by assets.
