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GBTC Goes Big. The Grayscale Bitcoin Trust (GBTC) experienced its first net inflow since converting to a spot ETF! Did we just enter a more bullish paradigm, or is there an alternative explanation for this unexpected inflow?
Bitcoin was much less institutionalized during the last bull run, but investors could still leverage GBTC to gain BTC exposure through a traditional brokerage account.
At this time, net new buys were restricted to accredited investors and subject to a lock up period – initially 12 months and later reduced to 6 months – before they could sell those shares on the market, causing shares to trade at a massive premium to net asset value (NAV) as retail investors feverishly sought to ape BTC through a convenient and regulated avenue.
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