Morgan Stanley analysts have stated that since the beginning of this year, traders have been buying Grayscale Bitcoin Trust (GBTC), with the trading price of GBTC being lower than the potential value of the Bitcoin it holds. This is likely in the hopes of earning a profit from the price difference when it is converted into physical Bitcoin ETFs. This means that many GBTC traders will seek to cash out when it is converted into ETFs. Morgan Stanley's analysts have reviewed the fund inflows of GBTC since 2023 to calculate the value of GBTC that may be sold during the conversion. The analysts estimate this number to be approximately $2.7 billion.