Grayscale’s GBTC Bitcoin ETF Records Inflows For The First Time in 78 Days
After a prolonged period of continuous outflows, Grayscale’s Bitcoin Trust exchange-traded fund (ETF) recorded its first day of net positive inflows.
According to preliminary data from Farside , on May 3, Grayscale’s Bitcoin Trust (GBTC) witnessed $63 million in net inflows.
The positive momentum comes after an approximate $17.5 billion in outflows since the launch of 11 spot Bitcoin ETFs on January 11.
Among the other funds making headlines, Franklin Templeton’s Bitcoin ETF saw its inflows reach a record high of $60.9 million.
Meanwhile, Fidelity’s Wise Origin Bitcoin Fund led the day’s inflows with an impressive $102.6 million, followed closely by the Bitwise Bitcoin Fund with $33.5 million and the Invesco Galaxy Bitcoin ETF with $33.2 million.
The crypto community has been buzzing with speculation regarding how this turn of events might influence the price of Bitcoin.
Pseudonymous crypto investor DivXman noted that GBTC had been a primary source of sell pressure across all spot Bitcoin ETFs but hinted at a possible shift in dynamics.
He suggested that decreased sell pressure and increased demand might result from ETFs collectively buying more BTC than miners can create.
GBTC inflows of $63M. What does this mean?
The Grayscale Bitcoin Trust $GBTC was the primary source of sell pressure across all spot #Bitcoin ETFs since they went live in January 2024.$GBTC leading outflows throughout the year was due to several factors, the most apparent… pic.twitter.com/A0qDzGbuNh
— DivXMaN (@crypto_div) May 3, 2024
Echoing this sentiment, crypto trader Jelle predicted to his followers that Bitcoin’s new all-time high could be on the horizon, citing the significant inflows into Grayscale’s ETF as a bullish
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