During the trading activities on Thursday, the exchange-traded funds (ETFs) of U.S. spot bitcoin witnessed a total outflow of $11.3 million after registering an inflow of $11.5 million on the previous day, Wednesday. While some of the funds saw inflows on Thursday, the substantial withdrawals from Grayscale’s Bitcoin Trust (GBTC) surpassed these gains by a significant margin.

The outflows from GBTC on Thursday were stark, impacting the net flows of several spot bitcoin ETFs. Grayscale’s trust encountered around $43 million in outflows on that particular trading day. Prior to this, on May 9, there was a recorded reserve of approximately 292,267.99 BTC in GBTC. However, the recent data suggests a decreased amount of 291,790.19 BTC, valued at $18.22 billion.

The collective trading volume for U.S. spot bitcoin ETFs reached $1.34 billion. Despite the outflows observed on Thursday, the $11.5 million in inflows from Wednesday evened out the scale. Notably, Blackrock’s IBIT led the pack on May 9, attracting positive flows totaling around $14 million. Alongside IBIT’s strong performance, Bitwise’s BITB also showed resilience, securing about $6.9 million in inflows throughout the day’s trading sessions.

IBIT currently stands as the second-largest in BTC reserves, right after GBTC, with a considerable reserve of 274,550.15 BTC according to available records. The assets under management for IBIT, in terms of BTC reserves, approximate to about $17.1 billion. Following closely behind IBIT, Fidelity’s FBTC holds around 152,924.59 BTC, valued at approximately $9.53 billion. Ark Invest’s ARKB and Bitwise’s BITB trail behind in BTC reserve size, with 43,541 BTC and 33,786.68 BTC respectively.