I just reviewed the Bitcoin ETF flow data from April 1st and the situation was quite interesting. That day there were net outflows of about $174 million, but the curious thing was that Grayscale behaved differently from the rest of the market.

Large funds like BlackRock's IBIT withdrew $86.5 million and Fidelity's FBTC another $78.6 million. Grayscale's GBTC also recorded outflows, but here’s the important part: Grayscale's Bitcoin Mini Trust (BTC) was the only one that saw inflows that day, with $10.25 million. It was the only fund with positive flows in the entire category.

Something similar happened with Ethereum. BlackRock's ETHA withdrew $32 million, but Grayscale's ETHE entered with $17.4 million. It seems that while other managers saw outflows, Grayscale was attracting capital into its smaller products.

The total Bitcoin in all ETFs remains at $55.95 billion, so the movement on April 1st was more of an adjustment after two previous positive days. Nothing extraordinary, but it’s interesting to see how Grayscale stood out from the overall flow that day.