Bitcoin ETFs: Grayscale’s GBTC Records $380 Million Inflows in 2 Consecutive Days

Grayscale’s Bitcoin Trust (GBTC) experienced a second consecutive day of net inflows, marking a remarkable turnaround from a $17.5 billion outflow streak which began at the introduction of 10 new spot Bitcoin (BTC) ETFs in January. 

According to data provided by Farside Investors, GBTC, which stands tall as the world’s largest spot Bitcoin ETF, saw $3.9 million in inflows on May 6. While this figure pales in comparison to the capital influx of others such as the Fidelity Wise Origin Bitcoin Fund (FBTC), it was sufficient to secure GBTC its second consecutive day of net inflows.

For context, Grayscale’s Bitcoin Trust recorded its first net inflow in over three months on May 3, after a series of consecutive outflows that saw it bleed out most of its Bitcoin balance and continuously impacted the daily performances of the broader spot Bitcoin ETF market.

Notably, GBTC had been facing net outflows, resulting in a loss of 33% of its Bitcoin holdings, since the conversion of its Bitcoin Trust into an ETF on January 10.

With the Grayscale Bitcoin ETF now contributing to net inflows, spot Bitcoin ETFs registered over $378.3 million of inflows on May 3, and a total of $217 million of inflows on May 6, with GBTC also among the contributors.

At the time of writing, Grayscale total BTC holdings are now worth approximately $18.5 billion.

On May 6, top performers included FBTC and Ark 21Shares Bitcoin ETF (ARKB), recording inflows of $99.2 million and $75.6 million respectively. The BlackRock iShares Bitcoin Trust (IBIT) recorded an inflow of $21.5 million.

According to Bloomberg analyst Eric Balchunas, the spot ETF market is expected to witness a mix of capital inflows and outflows over time. He highlights that funds will generally exhibit two key traits: continued growth and a strong, committed investor base.