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Grayscale Bitcoin Trust Records First Inflows Since ETF Conversion, US ETFs Gain $217M

May 6, 2024, 09:30 PM

The Grayscale Bitcoin Trust (GBTC) has experienced a notable shift in its investment flow, recording its first inflows since its conversion to a spot ETF, marking a significant reversal after a 78-day streak of outflows. This change coincides with a broader increase in Bitcoin ETF inflows, with all 11 spot Bitcoin ETFs seeing inflows for the first time since their launch in January. The inflows into GBTC over two consecutive days amounted to $3.9 million each day, following a larger inflow of $63 million on the initial day. Additionally, US Bitcoin ETFs saw substantial inflows totaling $217 million on May 6, suggesting a potential shift in market sentiment towards a more bullish outlook.