According to data from Farside, Grayscale Bitcoin Trust (GBTC) received $63.0 million in inflows on May 3, marking the first time since its launch in January that the fund avoided outflows, breaking a streak of 16 weeks.

However, this inflow was lower than the average daily outflows experienced in recent weeks, with total outflows reaching $17.5 billion. As of May 6, GBTC has $18.1 billion in assets under management (AUM), making it the largest spot Bitcoin ETF by AUM.

Bloomberg ETF analyst James Seyffart speculated that insiders or market makers hedging other ETFs could be behind the latest inflows, while Castle Island Ventures partner Nic Carter suggested that an advertisement at LaGuardia Airport might have played a role.

Some expressed doubt about the sustainability of these inflows, attributing them to short-term abnormalities and GBTC's higher fees compared to competing spot Bitcoin ETFs. The long-standing outflows can be partly attributed to Grayscale's pause on GBTC redemptions prior to its conversion to an ETF, as well as sales by FTX and Genesis. Nine other spot Bitcoin ETFs also experienced daily inflows on May 3, with Fidelity's FBTC leading the pack with $102.6 million in inflows, followed by Franklin Templeton's EZBC, Valkyrie's BRRR, Invesco's BTCO, and Ark's ARKB.

VanEck's HODL and Wisdom's BTCW saw inflows as well, while BlackRock's IBIT received just $12.7 million in inflows.