Spot bitcoin exchange-traded funds in the United States returned to net inflows of $116.8 million last week after enduring four consecutive weeks of outflows totaling more than $1 billion.

Grayscale’s converted Bitcoin Trust was the only spot bitcoin ETF to register net outflows last week, with $171.1 million leaving the higher-fee fund. That came despite GBTC breaking its 78-day outflow streak with $63 million worth of net inflows on May 3 and a further $3.9 million last Monday.

Fidelity’s FBTC dominated last week’s net inflows, adding $111.3 million, followed by Ark Invest’s ARKB, which generated $82.8 million worth of net inflows. BlackRock’s previously dominant spot bitcoin ETF, IBIT, has been more subdued in recent weeks — witnessing its first net daily outflows on May 1. IBIT came …