Grayscale’s spot bitcoin ETF ended a 78-day streak of outflows after registering two consecutive days of net inflows.

Bloomberg ETF Analyst James Seyffart told The Block while he's not absolutely sure what might have caused the swing, there could be a few different explanations.

"It could be a short-term tactical trade or pairs trade of sorts. Where the fee is far less relevant over shorter time frames," he said.

Grayscale launched its ETF, a conversion of its flagship GBTC fund, as a spot bitcoin exchange-traded fund in January. At the time of launch, the fund had nearly $30 billion in assets under management but then shed billions of dollars in outflows. The firm's product charges a higher fee than competing funds issued by firms like BlackRock and Fidelity.

"If market makers are …