Grayscale’s Bitcoin Trust (GBTC) has marked a significant turnaround, experiencing a second consecutive day of net inflows. This shift comes after months of outflows totaling over $17.5 billion since the introduction of spot Bitcoin (BTC) ETFs in January.
On May 6, GBTC saw $3.9 million in inflows, securing its second day of net inflows, according to data from Farside Investors. While this amount is comparatively modest next to other funds like the Fidelity Wise Origin Bitcoin Fund (FBTC), it signals a positive trend for GBTC.
After enduring a prolonged period of outflows, which resulted in a loss of 33% of its Bitcoin holdings since its transition to an ETF on January 10, GBTC recorded its first net inflow in over three months on May 3.
The broader spot Bitcoin ETF market also saw a surge in inflows, totaling over $378.3 million on May 3 and $217 million on May 6, with GBTC contributing to these figures.
Leading the pack on May 6 were FBTC and Ark 21Shares Bitcoin ETF (ARKB), which recorded inflows of $99.2 million and $75.6 million respectively. The BlackRock iShares Bitcoin Trust (IBIT) also saw an inflow of $21.5 million.
Bloomberg analyst Eric Balchunas anticipates a mix of inflows and outflows in the spot ETF market over time, emphasizing the importance of sustained growth and a committed investor base.
These inflows coincide with recent fluctuations in Bitcoin’s price, which saw a drop to $57,000 before rebounding to over $65,000. However, as of the latest update, BTC has experienced a 1.59% decrease over the last 24 hours, trading at $64,400.
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