The Grayscale Bitcoin Trust (GBTC) converted to an ETF nearly four months ago. 

It took that long for the fund to see its first day of net inflows. 

That unprecedented event occurred on Friday, when GBTC saw $63 million in net money enter the ETF, according to Farside Investors data. 

Read more: Why tracking bitcoin ETF flows matters. And why it doesn’t.

GBTC had suffered net outflows for 78 days before that — piling up to equal $17.4 billion.

Just don’t expect the GBTC inflows to become a regular thing, one segment observer says.

“It’s difficult to discern what might be behind the flows into GBTC,” said Nate Geraci, president of The ETF Store. “ETF buyers are an…

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