Quick Take:

• Grayscale’s GBTC spot bitcoin trust records second day of net inflows after ending 78-day outflow streak.
• 11 U.S.-based spot bitcoin ETFs report combined daily net inflow of $217 million on Monday.
• Fidelity’s FBTC leads net inflows with $99 million, followed by Ark Invest’s bitcoin fund with $76 million.
• BlackRock’s IBIT fund, Invesco, Galaxy Digital’s BTCO, and others also see positive net inflows.
• Bitcoin’s trading volume declines compared to March peak, currently trading at $63,152.

Grayscale’s spot bitcoin exchange-traded fund (ETF), GBTC, continued its streak of positive momentum as it registered a second consecutive day of net inflows on Monday. The fund attracted $4 million in net inflows, marking a significant turnaround after ending a 78-day streak of outflows last week.

Since its conversion into the spot bitcoin trust in January, Grayscale’s GBTC has experienced a cumulative net outflow of $17 billion. Despite this, the fund currently manages approximately 292,217 BTC, equivalent to $18.4 billion in assets, according to data from its website.

Meanwhile, the broader landscape of U.S.-based spot bitcoin ETFs also saw positive activity, with a combined total daily net inflow of $217.06 million on Monday. Leading the pack in net inflows was Fidelity’s FBTC, which attracted $99 million, followed closely by Ark Invest’s bitcoin fund with $76 million.

Other notable funds that experienced positive net inflows include BlackRock’s IBIT fund, which saw $22 million, Invesco, and Galaxy Digital’s BTCO, each reporting $11 million in net inflows. Additionally, funds from Bitwise, VanEck, and Franklin Templeton each scored net inflows of around $2 million.

These inflows mark a continuation of the positive flow that began last Friday, representing the first total net inflow since April 23. Last month, U.S. spot bitcoin ETFs recorded the first net monthly outflow, with approximately $343.5 million withdrawn from the funds.

Despite the positive inflows, the daily trading volume of these funds has seen a decline compared to its peak in March. Last week recorded a total trading volume of about $11 billion, significantly lower than the over $32 billion seen during the first week of March.

In terms of price action, Bitcoin traded down 1.17% in the past 24 hours as of 11:40 p.m. ET on Monday, with its price hovering around $63,152. While the market continues to experience fluctuations, the recent uptick in net inflows for Grayscale’s GBTC and other U.S.-based spot bitcoin ETFs signals growing investor interest and confidence in the digital asset space.