Grayscale's Bitcoin Trust (GBTC) has seen its second consecutive day of net inflows, signaling a significant turnaround from the outflows exceeding $17.5 billion since the introduction of spot Bitcoin (BTC) ETFs in January.

Data from Farside Investors reveals that on May 6, GBTC, the world's largest spot Bitcoin ETF, recorded $3.9 million in inflows. While this amount is smaller compared to other funds like the Fidelity Wise Origin Bitcoin Fund (FBTC), it was sufficient to secure GBTC its second consecutive day of net inflows.

For context, Grayscale's Bitcoin Trust experienced its first net inflow in over three months on May 3, following a series of consecutive outflows that significantly reduced its Bitcoin balance and consistently influenced the daily performances of the broader spot Bitcoin ETF market.

GBTC had been grappling with net outflows, resulting in a loss of 33% of its Bitcoin holdings since the conversion of its Bitcoin Trust into an ETF on January 10, as reported by crypto.news.

The contribution of the Grayscale Bitcoin ETF to net inflows led to spot Bitcoin ETFs recording over $378.3 million in inflows on May 3, and a total of $217 million in inflows on May 6, with GBTC also contributing to the total.

On May 6, top performers included FBTC and Ark 21Shares Bitcoin ETF (ARKB), which recorded inflows of $99.2 million and $75.6 million, respectively. The BlackRock iShares Bitcoin Trust (IBIT) saw an inflow of $21.5 million.

Bloomberg analyst Eric Balchunas anticipates a mix of capital inflows and outflows in the spot ETF market over time, noting two key traits: continued growth and a strong, committed investor base.