Despite the Grayscale Bitcoin Trust ETF (GBTC) witnessing outflows totaling $105.2 million, spot Bitcoin (BTC) exchange-traded funds (ETFs) experienced a net inflow of $45 million on May 28, extending their winning streak to 11 consecutive days.

This positive capital flow, amounting to 632 BTC, was primarily driven by BlackRock’s and Fidelity’s ETF products, overshadowing GBTC’s outflows. BlackRock’s iShares Bitcoin Trust (IBIT) led the pack with inflows worth a staggering $102.5 million, marking the largest inflow for any ETF. Fidelity’s Wise Origin Fund (FBTC) followed closely behind with the second-highest inflow of $34.3 million.

In contrast, both the Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) reported zero inflows on the same day.

The significant outflow from GBTC led to a shift in its position as the largest spot ETF in terms of BTC holdings. This move was attributed to the comparatively higher costs associated with GBTC, prompting investors to withdraw funds. BlackRock’s IBIT, after converting to an ETF, surpassed GBTC in BTC holdings, now managing 288,671 BTC worth $19.7 billion, compared to GBTC’s 287,488 BTC worth $19.6

billion.

Since the launch of Bitcoin ETFs in the United States in January, these funds have acquired over 566,662 BTC, according to data sourced by market analyst Quinten Francois. Consequently, Bitcoin ETFs now collectively manage over 840,000 BTC.

Despite the ongoing streak of capital inflows into Bitcoin ETFs, Bitcoin itself faces the challenge of holding above the $70,000 price threshold confidently. At present, the leading cryptocurrency is priced at $67,900, having briefly reached an intraday peak of approximately $70,590 two days prior before encountering resistance from bearish sentiment.