I remember, back in 2017 everyone went crazy when CME first announced their bitcoin ETF. But later we found that CME doesn't deal in actual bitcoins but just plays based on its market price. But since greyscale is actually buying bitcoins from the market - may be considered as a bullish signal.
Overall yes, but it's important to note that GBTC's premium over spot has dropped in half since February, from 30% to 15%. All the increased accumulation by Grayscale has occurred since then too. That tells me some institutions are accumulating GBTC in private placement, while also selling GBTC shares on the open market, and pocketing the difference. That's the only thing that would account for both the increasing assets under management and the significant drop in premium.
So it's not all bullish. A lot of it is just some large players arbitraging the market.
