The Grayscale Bitcoin Trust’s (GBTC) exchange-traded fund (ETF) experienced another day of significant outflows, with nearly $359 million exiting the fund on March 21.
This follows a week of substantial outflows, with March 18 witnessing the largest single-day outflow of $642 million, according to data from Farside Investors.
The latest figures bring the total outflows for GBTC this week to $1.8 billion, marking the fourth consecutive day of net outflows across all 10 Bitcoin ETFs.
Analysts believe that the trend of outflows from Grayscale’s fund may soon come to an end.
Senior Bloomberg ETF analyst Eric Balchunas speculated that the majority of the outflows are a result of bankruptcies in the crypto industry and that the worst may be close to being over.
Balchunas suggested that any outflows from Gemini or Genesis, two prominent players in the industry, are likely being used to buy Bitcoin, thereby supporting the market.
“Takeaway: the worst is prob close to being over. Once it is, only retail will be left and flows should look more like the Feb trickle,” Balchunas wrote on X.
The more I think about it the more likely the uptick in flows is related to the bankruptcies bc of the size and consistency. The flows in Feb showed what retail outflows look like, smaller and random pattern. Also any Gemini/Genisis outflows likely buying btc w cash hence market…
— Eric Balchunas (@EricBalchunas) March 22, 2024
As of March 21, Grayscale reported that its Bitcoin Trust held $23.2 billion in assets under management.
Since its conversion to an ETF on January 11, GBTC has shed a total of $13.6 billion.
Independent researcher ErgoBTC noted that approximately $1.1 billion worth of recent GBTC outflows seem to be associated
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