Grayscale Bitcoin Trust The first net entry for (GBTC) took place and attracted the attention of the community. This is the first time it has occurred in nearly four months of outflows since its conversion to a BTC ETF.
GBTC Bitcoin ETFhas recorded an outflow of approximately 17.5 billion dollars since January 11. It then completed its first positive period on May 3 with an inflow of $63 million.
As Koinfinans.com reported, Franklin Templeton’s ETF saw the highest inflow with $60.9 million.
Meanwhile, Fidelity Wise Origin Fund led the day’s inflows with $102.6 million, followed by Bitwise Bitcoin Fund (BITB) with $33.5 million and Invesco Galaxy with $33.2 million.
DivXman noted to his followers that GBTC was the “primary source” of selling pressure across all spot Bitcoin ETFs. But the analyst warned that the “tides” could start again.
This means a significant reduction in selling pressure and additional increase in demand as ETFs collectively purchase more BTC than miners can create.
cryptocurrency Trader Jelle also predicts that Bitcoin’s all-time high is on the horizon: “$60 million worth of inflows for Grayscale’s ETF. The halving interruption will end and a 6-figure BTC price will follow shortly after.”
Jordan Lindsey noted that the Bitcoin price “clearly responds to both exits and entries.”
