Grayscale's GBTC spot bitcoin ETF sees $63 million of inflows, ending 78-day outflow streak
Quick Take
- Grayscale’s converted GBTC ETF saw $63 million worth of net inflows on Friday, ending a 78-day streak of outflows since trading began on Jan. 11.
- The combined U.S. spot bitcoin ETFs registered their first daily net inflows since April 23 and the largest since March 13, totaling $378.3 million.
Grayscale’s GBTC spot bitcoin exchange-traded fund witnessed its first-ever (since it was converted) daily net inflows on Friday, ending a 78-day run of consecutive outflows.
GBTC’s cumulative outflows since the U.S. spot bitcoin ETFs began trading on Jan. 11 totaled more than $17.5 billion by May 2, but the higher-fee fund suddenly generated $63 million worth of inflows on Friday, according to data from Farside Investors and CoinGlass.
“Holy crap GBTC had inflows today. Its 80 day-ish streak is finally over,” Bloomberg ETF analyst Eric Balchunas posted on X. “I had to run my eyes and double check the data but it’s true.”
“GBTC outflow streak is OVER… Took in $63 million,” The ETF Store President Nate Geraci said. “‘The Bitcoin 
BTC
-0.61%
Shining’ can now be hung in a museum,” he added, referring to the dire-looking GBTC flow chart.
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GBTC daily flow. Image: Farside Investors.
GBTC now holds 291,239 BTC ($18.3 billion) in assets under management, according to its fund page — a figure that has fallen 53% from around 619,220 BTC on Jan. 11.
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GBTC bitcoin holdings. Image: CoinGlass.
US spot ETFs witness largest inflows since bitcoin's all-time high
Among the early reporters, Franklin Templeton’s EZBC registered a record daily net inflow of $60.9 million on Friday, while Bitwise’s BITB, Ark Invest’s ARKB and VanEck’s HODL recorded $33.5 million, $28.1 million and $8.7 million worth of net inflows, respectively.
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Fidelity's FBTC led the funds, later reporting it generated $102.6 million of net inflows on Friday. BlackRock's normally dominant spot bitcoin ETF IBIT brought in $12.7 million, while Valkyrie's BRRR and Invesco's BTCO saw net inflows of $35.6 million and $33.2 million, respectively. Rounding out the pack, WisdomTree's BTCW and Hashdex's DEFI recorded zero flows for the day.
Overall, the U.S. spot bitcoin ETFs generated a daily net inflow of $378.3 million yesterday — their first since April 23 and the largest since March 13 as bitcoin was approaching its latest all-time high of $73,836.
Leading up to Friday, the combined ETFs had shed more than $1.2 billion in seven days of consecutive outflows, including their largest-ever daily net outflows of $563.7 million on Wednesday. The cumulative net inflow for the combined ETFs since launch now stands at over $11.5 billion.
Spot bitcoin ETF hype dies down
The spot bitcoin ETF hype had appeared to die down, with April’s net monthly outflows reaching $343.5 million, ending their three-month inflow streak and spilling into May. GBTC led the outflows in April with $2.5 billion leaving the ETF over the month.
On Wednesday, bitcoin’s price fell to a low of $56,500 — a 23% drop from its March all-time high. However, amid bitcoin gains of around 7% on Friday, jumping back above the $63,000 level, it remains to be seen whether the turnaround in flows for GBTC is indicative of a reversing trend for the broader U.S. spot bitcoin ETF category.
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