The latest reports from SoSoValue indicate that Bitcoin ETFs experienced a net outflow of approximately $11.2 million yesterday. Grayscale ETF GBTC saw a net outflow of $43.3 million, while BlackRock ETF IBIT had a net inflow of $14.1 million in a single day. The crypto product saw its first positive net inflow of $63 million a few days ago, which was the first since the approval of the company’s BTC ETF in January.

Revenue Growth for Grayscale’s Parent Company

Grayscale’s parent company reported a Q1 revenue of $229 million, up 11% from the previous quarter. Digital Currency Group (DCG) detailed in a shareholder letter that Grayscale contributed $156 million to the Q1 revenue, driven by the rise in BTC and ETH prices. Despite expectations of outflows due to increased competition, GBTC's revenue exceeded expectations. Other DCG ventures, Foundry and Luno, saw revenue growth of 35% and 46% respectively in the same period.

Market Developments and Bitcoin's Performance

Various industry developments, including the approval of BTC ETFs and Bitcoin reaching new all-time highs in March, marked Q1 2024. DCG reported a 51% increase in Q1 revenue compared to the same period in 2023.

Bitcoin recently surpassed the $63k mark, showing a 2% growth on CoinMarketCap. ESMA's potential decision to include crypto assets in investment products could have a significant impact on the industry. Bitcoin miners are also exploring AI technology to enhance operational efficiency and revenue diversification post the 2024 halving.