Grayscale Bitcoin Trust (GBTC) experienced $63.0 million in inflows on May 3, Farside data indicates.
The relevant daily inflows mark the first time since GBTC’s January launch that the fund avoided outflows, breaking its 16-week outflow streak.
However, GBTC’s latest day of inflows is lower than its average daily outflows over the past several weeks of trading. The fund’s total outflows currently stand at $17.5 billion.
GBTC has $18.1 billion in assets under management (AUM) as of May 6, making it the largest spot Bitcoin ETF by AUM, according to Coinglass data.
Possible causes
Bloomberg ETF analyst James Seyffart speculated on the cause of GBTC’s latest inflows, saying that insiders or executives at Grayscale could have made the purchases or that market makers that used GBTC to hedge other ETFs could be the cause.
Castle Island Ventures partner Nic Carter suggested that an advertisement at LaGuardia Airport could have prompted a significant investment.
Seyffart acknowledged C
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