Bitcoin spot ETF experienced a net outflow of $94 million on the 21st, marking the fourth consecutive trading day of outflows. Grayscale’s GBTC was the main contributor to the net outflows, with a daily outflow of $358 million. However, Bloomberg ETF analyst Eric Balchunas believes that the selling pressure on Grayscale GBTC is expected to end soon.
According to data from SoSoValue, Bitcoin spot ETF had a net outflow of $94 million on the 21st, marking the fourth consecutive trading day of negative value, which has not been seen since January 25th.
On the 21st, Grayscale’s GBTC had the largest net outflow, with a daily outflow of $358 million. The previous week, Grayscale experienced a massive outflow, with $642 million on the 18th, setting a new all-time high. The historical net outflow of GBTC has reached $13.63 billion.
However, Bloomberg ETF analyst Eric Balchunas predicts that most of the outflow from Grayscale is likely to end soon. The increase in recent outflows mostly comes from the liquidation of bankrupt cryptocurrency companies, which can be seen from their “scale and consistency”.
In addition, anonymous independent researcher ErgoBTC found that in the past few weeks, around $1.1 billion worth of GBTC funds have flowed out, seemingly from the bankrupt cryptocurrency lending institution Genesis. Genesis has transferred over 16,800 BTC to two new addresses in the past few weeks, and these bitcoins may have originated from the outflow of GBTC.
Genesis, which is in bankruptcy proceedings, sought court approval in early February to sell its approximately $1.6 billion worth of Grayscale trust assets, including GBTC shares worth over $1.3 billion. The bankruptcy court has approved Genesis’s request in mid-February, allowing the institution to sell these assets to repay creditors.
Related reading:
Grayscale GBTC selling pressure not over yet! Genesis gets court approval to sell over $1.3 billion worth of GBTC
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