Grayscale’s spot Bitcoin ETF – GBTC – recorded its second consecutive day of net inflows on Monday, attracting $4 million into the trust. In doing so, GBTC shattered the four-month streak of outflows.

This follows Friday’s reversal of a 78-day net outflow trend, with an additional $63 million. Since its transition to a spot Bitcoin trust in January, GBTC has seen a total net outflow of $17 billion. Currently, the fund manages approximately 292,217 BTC (valued at $18.4 billion), down from 619,220 BTC on January 11th, according to its website.

BlackRock’s IBIT Lags Behind Competitors

In contrast, on Monday, the 11 US-based spot Bitcoin ETFs collectively received $217.06 million in funds, catapulting the cumulative total net flow of investments to $11.8 billion.

Fidelity’s FBTC topped the chart on May 6 with a whopping $99 million in inflows followed by Ark 21Shares spot Bitcoin ETF ARKB with $76 million, according to data compiled by SoSoValue. BlackRock’s IBIT recorded $22 million in inflows on the same day.

Meanwhile, Galaxy Digital’s BTCO settled for inflows of $11 million, followed by Bitwise’s BITB, VanEck’s HODL, and Franklin Templeton’s EZBC with $2 million in inflows each. WisdomTree’s BTCW and Valkyrie’s BRRR recorded no flows during the period.

Impact of Spot Bitcoin ETFs

Spot Bitcoin ETFs have played a significant role in driving the world’s leading cryptocurrency to reach an all-time high a few months before its fourth halving. However, the subsequent slowdown of these investment vehicles triggered a massive struggle for BTC as these funds halted the accumulation of coins in aggregate for over a month.

A recent report by Ecoinometrics further claimed that the asset’s growth is reliant on spot Bitcoin ETFs, raising concerns about the future price trajectory of the cryptocurrency. Nonetheless, there has been a recent uptick in spot Bitcoin ETF figures following a brief period of slowdown. This resurgence has contributed to bitcoin’s price climbing above $63,000.