HomeBitcoinBlackRock, Grayscale & Other Bitcoin ETF Stocks Rebound Despite Massive Outflows

BlackRock, Grayscale & Other Bitcoin ETF Stocks Rebound Despite Massive Outflows


In the pre-market trading session today, two major Spot Bitcoin ETFs, BlackRock’s IBIT and Grayscale’s GBTC, saw a significant surge. This spike follows strong inflows registered on Tuesday. Competitors like VanEck’s HODL and Valkyrie’s BRRR also experienced notable upswings. This rebound comes despite a massive $563 million outflow on Wednesday, signaling a positive shift in investor sentiment.

BlackRock, Grayscale, Ark 21Shares & Other ETFs Gain

As per Yahoo Finance data, BlackRock’s iShares Bitcoin Trust (IBIT), gained 2.87%, reaching $33.32 in the pre-market session on Thursday, May 2. Earlier, IBIT closed at $32.39 on Wednesday, marking a 3.52% profit. The recent rally is likely fueled by increasing institutional adoption of these ETFs.

On May 1, in a 13F filing, Europe’s BNP Paribas bank revealed investing in the BlackRock Bitcoin ETF. Meanwhile, Grayscale’s GBTC surged 2.92% to $52.12, rebounding from the significant losses in the previous trading session. On Wednesday, GBTC closed at $50.64, with a 3.56% loss in value.

The Ark 21Shares BTC ETF (ARKB) registered a 2.95% increase to $58.55, while VanEck’s HODL climbed 1.18% to $65.15 in the pre-market session. Moreover, Valkyrie’s BRRR rose 2.23% to $16.49, and Invesco Galaxy’s BTCO attracted a gain of 2.25%, settling at $58.19.

Additionally, Franklin Templeton’s EZBC Bitcoin ETF soared 2.61% to $33.83. Hashdex’s DEFI experienced a 1.02% hike in value, reaching $67.00. Earlier, on Wednesday, the Hashdex Bitcoin ETF closed at $66.32, down by 2.36%.

Also Read: European Bank With $600B AUM Invests In BlackRock Bitcoin ETF

U.S. Spot Bitcoin ETF Outflows Worsen

After the latest FOMC meeting led by Jerome Powell, where the decision was made to maintain interest rates at their current levels, there was a notable surge in outflows from U.S. Spot Bitcoin ETFs on May 1, exceeding $560 million. Furthermore, the announcement contributed to an additional 5% decline in the price of Bitcoin, which fell below the $57,500 mark.

Data from Farside investors reveals a significant net outflow of $563.7 million from Spot Bitcoin ETFs on Wednesday. Notably, BlackRock’s IBIT ETF experienced its first outflow since its inception, totaling $37 million.

Additionally, Fidelity’s FBTC led the outflow trend with an impressive $191 million, surpassing Grayscale’s GBTC, which recorded $167 million in outflows. Moreover, it’s crucial to note that for the first time, all Spot Bitcoin ETFs in the United States reported net outflows on the same day, underscoring the heightened selling pressure within the market.

Also Read: Bitcoin ETF Outflows Jump to $161 Million Ahead of FOMC

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link

Must Read
Related News


Please enter your comment!
Please enter your name here