Is this the end? GBTC outflows slow for second day straight

Outflows from Grayscale’s Bitcoin Trust (GBTC) have slowed for the second day in a row — prompting a glimmer of hope that a multibillion-dollar Bitcoin
BTC dumping spree could soon end.

BitMEX Research data shows GBTC outflows were $429 million on Jan. 24 — the smallest daily outflow since the launch of Grayscale’s spot Bitcoin ETF on Jan. 11 and a 33% slowdown compared to the start of the week on Jan. 22.

Bloomberg ETF analyst Eric Balchunas said in a Jan. 25 X post that GBTC outflows are “seemingly trending down,” though noted “it’s still a pretty large number.” In earlier posts Balchunas concluded there were still “too many unknowns” to determine when the “mass exodus” of GBTC would stop.

GBTC has bled 106,092 BTC, worth approximately $4.4 billion, over nine trading days.

A slowdown in daily outflows doesn’t necessarily mean the GBTC “bleeding” is over or slowing down. Balchunas previously estimated the GBTC would lose around 25% of its shares outstanding before an end to outflows.

#news #etf #GBTC

Jan-25-2024 08:27:42 AM