Bitcoin ETFs Witness Resurgence in Buying; 'Mr.100' Purchases During Dip as Grayscale Experiences First Inflow Since January

Grayscale's Bitcoin Trust ETF Experiences Net Inflow

For the first time since the launch of spot bitcoin ETFs, Grayscale's Bitcoin Trust ETF (GBTC) witnessed a daily net inflow on Friday, amounting to $63 million.

GBTC Dominates Outflows Since Inception

Since the launch of the 11 spot ETFs on January 11, GBTC has been leading the outflows, which total around $17.5 billion. This inflow coincided with a sudden surge in aggregate net inflows to ETFs overall, which reached $378 million on Friday.

Change in Tides for Spot Bitcoin ETFs

CoinTelegraph's Ciaran Lyons reports that pseudonymous crypto investor DivXman informed his followers that the GBTC was the “primary source” of selling pressure across all spot Bitcoin ETFs, but suggested that “the tides” might be shifting.

Bitcoin's Price Reacts to Inflow Surprise

Bitcoin's price responded positively to this unexpected inflow, rallying back above $64,000, thereby reversing the outflow-driven drop from the previous week.

Bitcoin Whale 'Mr. 100' Buys the Dip

CoinTelegraph also reports that a bitcoin whale entity known as “Mr. 100” has purchased during the Bitcoin dip for the first time since the Bitcoin halving. Multiple market analysts suggest that the local Bitcoin bottom may have been reached as the price bounces from $56,000 lows.

Mr. 100's Bitcoin Purchases

The Mr. 100 whale wallet has added over 4,100 BTC worth more than $242 million, around the $58,000 mark. This represents the wallet’s first Bitcoin purchases since April 19, the day before the 2024 Bitcoin halving. Mr. 100 is currently the 12th-largest Bitcoin holder, with over 65,155 BTC.

Michael Saylor's Masterclass on Corporate Finance and Bitcoin

Another large 'whale', Michael Saylor at MicroStrategy, delivered a masterclass on corporate finance and the power of bitcoin to boost corporate balance sheets. Saylor emphasized Bitcoin as the sole solution for capital appreciation in an inflationary environment.

Saylor's Conviction in Bitcoin

Saylor is a vocal advocate of BTC and a key driver behind MicroStrategy acquiring the cryptocurrency as a reserve asset. As of April 30, the firm held 214,400 BTC - worth more than $13 billion at the time of publication.

Closing Thoughts

As we witness the resurgence in buying of Bitcoin ETFs and notable figures like 'Mr.100' and Michael Saylor making significant moves in the market, it's clear that the world of cryptocurrency continues to evolve and surprise us. What are your thoughts on these developments? Do you think this trend will continue? Share this article with your friends and let's get the conversation started! Don't forget to sign up for the Daily Briefing, which is everyday at 6pm.