Grayscale’s Bitcoin Trust (GBTC) has finally broken one of the most watched streaks in ETF history. After 78 consecutive trading days of outflows, GBTC recorded a net inflow of $63 million on Friday — a moment that left even seasoned analysts doing double takes.
TL;DR
- GBTC saw its first net inflow of $63 million after 78 straight days of outflows
- All U.S. spot Bitcoin ETFs pulled in $378.30 million collectively on the same day
- Total Bitcoin ETF trading volume hit $1.78 billion in a single session
- BlackRock’s IBIT led with $922.81 million in trading volume
- Bitcoin traded between $58,850 and $63,595 over the 24-hour period, closing around $63,891
A Streak No ETF Has Ever Matched
When the U.S. spot Bitcoin ETFs launched on January 11, 2024, GBTC was already a unique case. It had existed since 2013 as a private, open-ended trust on the OTCQX market, allowing accredited investors to gain Bitcoin exposure without directly holding the asset. During the 2017 bull run, GBTC shares traded at a premium of up to 132% above net asset value. By December 2020, that premium still stood at 38.57%.
But the premium flipped to a discount in February 2021, and by December 2022, the discount had deepened to over 48% of NAV. When GBTC finally converted to a publicly traded ETF in January 2024, years of pent-up selling pressure unleashed. Genesis’ bankruptcy compounded the situation, with the firm selling enough GBTC shares to acquire 32,041 BTC.
The result was 78 consecutive trading days of outflows — a streak that Bloomberg ETF analyst Eric Balchunas described as unprecedented. “No ETF has ever done anything close,” he noted when the streak was at 72 days. When the $63 million inflow finally arrived, Balchunas reacted with visible surprise: “Holy crap GBTC had inflows today. Their 80 day-ish streak is finally over. I had to rub my eyes and double check the data but it’s true.”
$378 Million Day for Bitcoin ETFs
The GBTC milestone wasn’t the only story on Friday. All U.S. spot Bitcoin ETFs experienced inflows, with the collective group pulling in $378.30 million. Total trading volume across the ETF complex reached $1.78 billion for the session.
BlackRock’s iShares Bitcoin Trust (IBIT) continued to dominate, registering approximately $922.81 million in trading volume. IBIT holds over 200,000 BTC — more than 1% of all Bitcoin in circulation — and had recently completed its own remarkable 71-day consecutive inflow streak. Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded $362.19 million in trading volume.
Since their January launch, U.S. spot Bitcoin ETFs have accumulated more than $30 billion in assets under management. Bernstein, the investment firm that predicted Bitcoin would reach $150,000 by mid-2025, recently doubled down on that forecast, citing the sustained ETF inflows as a primary catalyst alongside the April halving.
GBTC Poised to Grow Again
With the $63 million inflow, GBTC is set to add approximately 1,030 BTC to its balance sheet, bringing its estimated holdings to around 292,000 BTC worth approximately $18.4 billion at current prices. The inflow marks a potential turning point for a fund that had been the sole source of sustained selling pressure among the Bitcoin ETF cohort.
Why This Matters
The end of GBTC’s outflow streak removes a significant headwind from the Bitcoin market. For nearly four months, GBTC’s daily redemptions had been a persistent source of selling pressure that offset inflows into other ETFs. If this inflow marks the beginning of a trend rather than a one-day anomaly, the combined buying power of all U.S. spot Bitcoin ETFs — without GBTC working against them — could accelerate the next leg up. Bitcoin was trading at approximately $63,891 on May 4, with the market cap at $1.26 trillion and BTC dominance at 60.4%.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
Balchunas had to rub his eyes when he saw the data lmao. 78 days of outflows is brutal for any ETF
Genesis selling 32,041 BTC worth of GBTC shares is what prolonged this streak. bankruptcy forced liquidation
genesis was the anchor dragging everything down. once they finished liquidating the market could actually find a floor
genesis liquidation plus the fee differential made GBTC a one-way drain. 1.5% vs 0.25% on IBIT was never sustainable
fee_watcher_ genesis liquidation forcing a selloff was the real catalyst. without that overhang GBTC might have survived at 1.5%. the fee gap just accelerated the inevitable
$1.78 billion in single day trading volume across all BTC ETFs. the institutional pipeline is real
IBIT doing $922M in volume on the same day GBTC finally got inflows. BlackRock eats everyone
blackrock ate grayscale lunch and didnt even burp. IBIT surpassed GBTC AUM in what, 3 months?
3 months to surpass a product that had a decade head start. the IBIT vs GBTC story is the ultimate fee war case study
segfault the fee war angle is real. grayscale cut GBTC fee from 2% to 1.5% and still bled. blackrock came in at 0.25% and the rest is history