Grayscale’s GBTC Ends Historic 78-Day Outflow Streak With $63M Inflow as Bitcoin ETFs See $378M Day

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.