Grayscale’s GBTC Halts Massive Outflow Streak With $4M Inflows

The spot bitcoin ETF — GBTC — posted its second straight day of net inflows on Monday, attracting $4 million into the fund. In doing so, GBTC broke a four-month streak of outflows.

This follows Friday's reversal of a 78-day net outflow trend, with an additional $63 million. Since moving to a Bitcoin spot fund in January, GBTC has seen total net outflows of $17 billion. Currently, the fund manages approximately 292,217 BTC ($18.4 billion worth), down from 619,220 BTC on January 11, according to its website.

BlackRock's IBIT lags behind competitors

In contrast, the 11 US-based spot Bitcoin ETFs received a combined $217.06 million on Monday, bringing the total cumulative net inflow of investments to $11.8 billion.

Fidelity's FBTC topped the chart on May 6 with massive inflows of $99 million, followed by the Ark 21Shares Spot Bitcoin ETF ARKB with $76 million, according to Data Compiled by SoSoValue. BlackRock's IBIT recorded inflows of $22 million on the same day.

Meanwhile, Galaxy Digital's BTCO settled for inflows of $11 million, followed by BITB from Bitwise, HODL from VanEck, and EZBC from Franklin Templeton with inflows of $2 million each. WisdomTree's BTCW and Valkyrie's BRRR recorded no inflows during this period.

Impact of Spot Bitcoin ETFs

Spot Bitcoin ETFs played a significant role in pushing the world's leading cryptocurrency to an all-time high a few months before the fourth halving. However, the subsequent slowdown of these investment vehicles sparked a massive struggle for Bitcoin as these funds halted the accumulation of coins in total for more than a month.

A recent report by Ecoinometrics also claimed that the asset's growth is dependent on Bitcoin exchange-traded funds, raising concerns about the future price trajectory of the cryptocurrency. However, there has been a recent rise in spot Bitcoin ETF numbers after a brief period of slowdown. This increase contributed to the price of Bitcoin rising to more than $63,000.