According to Odaily Planet Daily, Charlie Morris, founder of investment consulting firm ByteTree, said that the number of bitcoins held by Grayscale GBTC has dropped from about 630,000 to 230,000, a 64% decrease from 2019.
This is the largest “source of leakage” in the ecosystem, but capital outflows should slow. Net flows into global Bitcoin ETFs are positive again, with demand absorbing GBTC sales.
As GBTC outflows slow, net flows will soon pick up. October is on track to hit a new high. ETF net flows are a key determinant of Bitcoin prices, and substantial gains are coming.