Bitcoin (BTC) could already be seeing “momentum turning” as institutional BTC outflows recede.
The latest data from sources, including United Kingdom-based investment firm Farside shows the Grayscale Bitcoin Trust (GBTC) losing just $170 million on March 22.
BTC price consolidating before all-time high retest?
The United States Spot Bitcoin exchange-traded funds (ETFs) have been at the center of attention for arguably the wrong reasons this week.
Inflows have declined significantly versus the start of March, while GBTC outflows hit record highs, producing five consecutive days of net reductions in assets under management (GBTC).
The timing appears not to be random — as Cointelegraph reported, bankrupt crypto lender Genesis is rumored to have been selling its GBTC position throughout the week.
Should this now have concluded, downward pressure on ETF trends could ease.
“Net flows out of the Bitcoin ETFs dropped to -$51.6mil yesterday, helped by a big slowdown in GBTC selling,” investor and entrepreneur Alistair Milne noted on X (formerly Twitter) about the flows data.
“Momentum turning?”
Bitcoin ETF flows (screenshot). Source: Farside
The pivot point theory is also shared by statistician Willy Woo, creator of on-chain data resource Woobull.
In a recent X post, Woo revealed a new model comparing ETF inflows with BTC price action. While he did not give specific information on which data is used for the metric, he suggested that the most intense phase of offloading might be over.
“According to this new model I've been playing with, the worse of the sell down in this first phase of the consolidation may be over,” he commented.
“I'm kinda expecting consolidation to run right into the halvening, thus more choppiness through April.”
Bitcoin Inflow Model. Source: Willy Woo/X
Pseudonymous commentator WhalePanda agreed on the outlook.
In his own assessment of the week’s flows, he remained optimistic on near-term BTC price action, suggesting that tailwinds for a #HotTrends #BNBChain #BOME #ID #POLYX
