Bitcoin spot ETF sees net inflows of $50 million, is Grayscale BTC becoming a super money magnet?

The Bitcoin spot ETF saw a net inflow of $50 million on 8/1, attributed to the Grayscale Bitcoin Mini Fund (BTC), which only began trading on Wednesday. BTC experienced a net inflow of $18 million on its first day of listing and surged to $191 million on the following day, 8/1. Could it be a price promotion that turned the Grayscale Bitcoin Trust BTC into a super gold tool?

GBTC Splits 10% into Mini Trust BTC

The Grayscale Bitcoin Trust (GBTC) experienced a sharp drop of over 11% on 7/30, causing market panic, which was attributed to the splitting of 10% of GBTC into Mini Trust BTC.

Grayscale GBTC Plunges Over 11%! Split into Mini Trust BTC

According to Grayscale's website, the assets under management of Grayscale's Mini Trust BTC were $1.77 billion on 7/30 and officially listed on 7/31.

Price Reduction Promotions Effective, Is Grayscale Mini Fund BTC a Money Magnet?

Grayscale's high management fees have always been a pain point in the market. This time, with the launch of the Mini Bitcoin Spot ETF BTC, fees were significantly reduced to 0.15%, lower than other Bitcoin Spot ETFs. According to data from SoSoValue, the net inflow on the first day of BTC listing was $18 million, which surged to $191 million on the next day, 8/1. Could it be that the price reduction promotions have turned Grayscale Mini Trust BTC into a super money magnet?

However, the GBTC on the right side of the following image continues to face a dilemma of outflow, with a outflow of $71.3 million yesterday. There's a feeling of abandoning GBTC to hold onto BTC!

In addition to Grayscale Mini Fund BTC leading with a net inflow of $191.13 million, BlackRock's IBIT also had a net inflow of $25.9 million. However, the performance of other funds was not ideal, with Grayscale GBTC having a net outflow of $71.33 million, Fidelity FBTC with a net outflow of $48.4 million, and Ark Invest and 21Shares' ARKB with a net outflow of $22.42 million.