Grayscale Bitcoin Trust, a leading Bitcoin exchange-traded fund (ETF), experienced a brief surge in investments in May, with $66.9 million entering the fund. However, this influx was short-lived, and the fund saw a return to exits shortly after. Since its launch on January 11, Grayscale Bitcoin Trust has recorded a significant outflow of $17.5 billion over 78 days, with an average daily loss of $211 million.

Despite this, other Bitcoin ETFs have maintained a positive investment balance, with BlackRock's iShares Bitcoin Trust leading the way with approximately $15.5 billion in investments. Other notable issuers include Fidelity's Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF fund, and Cathie Wood's ARK 21Shares Bitcoin ETF fund, which have seen significant investments ranging from $1.7 billion to $8.1 billion.

VanEck CEO Jan VanEck highlighted the significant contribution of retail investors to Bitcoin ETFs, accounting for around 90% of entries. Speaking at the Paris Blockchain Week in April, VanEck noted that while some institutional investors have made moves, they were already invested in Bitcoin. The lack of involvement from traditional banks and institutional investors is noteworthy, with no U.S. banks officially sanctioning financial advisors to recommend Bitcoin.

The Bitcoin ETF market has experienced a mix of investment trends, with Grayscale Bitcoin Trust facing significant outflows while other ETFs maintain a positive balance. As the market continues to evolve, it remains to be seen how institutional investors will impact the space.