Finally updated the data for Monday. In the data for Monday, the long-awaited GBTC did indeed achieve a net inflow status. In the past 24 hours of trading, there was a net inflow of 979 #BTC. According to official data, this is the first time in the history of the #Bitcoin spot ETF that GBTC has achieved a net inflow, which is truly worth commemorating.

Some friends asked why GBTC, with such high fees, still had such significant buying. In fact, as early as a month ago, friends who frequently travel to the United States told me that they could see GBTC advertisements at the airport in LA. We think the high fees are relative. Perhaps some investors are not aware that there are other BTC spot ETF institutions besides Grayscale, or they do not consider these fees to be high.

In addition to GBTC, you can see that out of the thirteen ETF funds, only four have zero net flow, and among these four, Bitwise and Huaxia BTC have not updated their data for May 6, so they are marked as zero. In reality, out of the ETF funds with available data, only two ETFs have no net inflow.

Of course, the most important thing is that in the new week's data, none of the fourteen BTC spot ETFs showed net outflow data. This is the second time in nearly four months of ETF history that this has occurred, with the first time being on January 19, 2024 (I can't even be sure if it's because I forgot to record GTBC's data).

Why am I saying all this?

Because I still want to emphasize that whether BTC spot ETFs or GBTC have net inflows is not directly or necessarily related to the price of #BTC itself. The data for Monday already shows all net inflows, but the price of BTC is still hovering around $64,000, mainly because the trading volume of ETFs is still too low relative to that of exchanges, not even accounting for one-tenth of the entire BTC liquidity, so its impact on the price is very limited.

However, the increase in spot ETF holdings, especially by Fidelity, with holdings increasing by over 1,500 BTC for two consecutive working days, represents the purchasing power and sentiment of American investors on the rise. Although it does not necessarily mean the price will rise significantly, if this trend continues, it at least indicates an improvement in the sentiment of American investors. Of course, the most important thing may still be the attitude of the Federal Reserve, as it is still an information-driven environment at present.

The data has been updated, and the address is: https://docs.google.com/spreadsheets/d/1W7JJ8lMQiUUlBb9U-BvFoq2H-2o5CpUuPO4D_KK3Ubw/edit?usp=sharing

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