Following a four-month period of consistent outflows, Grayscale’s spot Bitcoin exchange-traded fund (ETF) has finally witnessed a positive shift. Over the past two days, the Grayscale Bitcoin Trust (GBTC) has attracted inflows totaling $66.9 million.

This change in tide comes after a major period of decline, during which GBTC saw an average daily outflow of $217 million, amounting to a total of over $17.5 billion since January 11.

Turnaround for Grayscale Bitcoin ETF

The initial sign of recovery appeared on May 3, with a $63 million inflow into GBTC, marking the end of the prolonged downward trend. The influx and subsequent inflows resulted in a net positive inflow of $378.8 million over a seven-day period. An additional $3.9 million inflow on May 6 further solidified the positive trend, bringing the total capital influx into GBTC to $66.9 million.

Confirmed: Every single #Bitcoin ETF sees net inflows for the second consecutive day. 👀

Even $GBTC. pic.twitter.com/onrik1l1tJ

— Altcoin Daily (@AltcoinDailyio) May 7, 2024

Bitcoin ETFs within the U.S. market continue to demonstrate profitability. BlackRock’s iShares Bitcoin Trust leads the pack, boasting the biggest investment with net inflows reaching $15.5 billion.

Key Players Driving Inflows to Bitcoin ETFs

Numerous other Bitcoin exchange-traded funds have shown strong performance, attracting investments and contributing to the overall positive trend within the sector.

The Block data reveals that among the other top performers are Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund with $8.1 billion in net inflows, Cathie Wood’s ARK 21 Shares Bitcoin ETF with $2.1 billion, and the Bitwise Bitcoin ETF Trust with $1.7 billion.

The strong performance of Bitcoin in the market has undoubtedly contributed to attracting investors to these ETFs, as evidenced by the current cumulative investment flow into the spot Bitcoin ETF market of approximately $11.8 billion.

SEC Delays Decision on Spot Ether ETFs

In other news, the U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding the approval or denial of several applications for spot Ether (ETH) ETFs. The rulings on applications from industry giants such as BlackRock, Grayscale, and Invesco Galaxy have been pushed back to July, along with applications from other Ether ETF issuers, including Fidelity, Hashdex, Franklin Templeton, and Ark 21 Shares.

The SEC has stated that additional time is required to thoroughly evaluate the proposed rule changes and address the issues raised within the applications before reaching a decision.