Positive Bitcoin price action drives renewed interest in Grayscale’s GBTC


Quick
Take

Grayscale’s
Bitcoin
Trust
(GBTC)
is
experiencing
a
notable
flow
shift
driven
by
positive
Bitcoin
price
movements.
This
shift
contrasts
with
earlier
this
year
when
even
favorable
Bitcoin
price
action
failed
to
curb
GBTC
outflows.
Since
the
launch
of
US
Bitcoin
ETFs,
which
collectively
amassed

$14
billion
in
inflows,
BlackRock’s
IBIT
has
surpassed
Grayscale’s
GBTC
in
BTC
holdings.
Initially
holding
619,000
BTC,
GBTC
now
retains
285,081
BTC,
while
IBIT
holds
291,563
BTC,
according
to

How To Get Free Crypto  

heyapollo
data.

Between
Jan.
11
and
May
2,
GBTC
experienced
109
consecutive
trading
days
of
outflows.
However,
the
trend
began
reversing
in
May.
On
May
3,
GBTC
recorded
a
$63
million
inflow
alongside
a
6.34%
BTC
price
increase.
This
was
followed
by
a
$27
million
inflow
and
an
8%
BTC
surge
on
May
15,
a
$31.6
million
inflow
with
a
2.70%
BTC
rise
on
May
17,
and
a
$9.3
million
inflow
as
BTC
jumped
7.69%
on
May
20.
These
instances
highlight
how
positive
Bitcoin
price
action
now
influences
GBTC
inflows,
a
significant
departure
from
previous
patterns.

Bitcoin:
Daily
Price
Performance:
(Source:
Glassnode)

Furthermore,
there
have
been
six
days
with
no
GBTC
inflows
or
outflows,
which
largely
coincided
with
positive
Bitcoin
price
performance,
underscoring
a
stabilizing
trend.
This
evolving
dynamic
indicates
a
strengthened
correlation
between
Bitcoin’s
market
performance
and
GBTC’s
investment
flows,
signaling
a
potential
shift
in
investor
sentiment
and
strategy.

Go to Source
Author: James Van Straten


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