LIVE๐ Bitcoin Prepares for New All-Time High as GBTC Selling Pressure Eases ๐
Bitcoin could soon overcome its "biggest hurdle" as outflows from GBTC reduce, alleviating selling pressure from the leading fund. ๐
Bitcoin's Price Action:
BTC is poised to resume its upward climb as institutional outflows slow down. According to data from British investment firm Farside, only $170 million flowed out of the leading Grayscale Bitcoin Trust (GBTC) on March 22nd. ๐ผ
Is Bitcoin Set for a New ATH?
This week, American Bitcoin spot index funds garnered attention for the opposite reason. Inflows significantly dropped compared to earlier in the month, while GBTC outflows reached record highs, resulting in five consecutive days of net outflows. ๐ป
However, the timing of this development isn't entirely coincidental. Rumors suggest that insolvent crypto lender Genesis has been selling significant GBTC shares. If these sales are indeed concluding, selling pressure on ETFs could diminish rapidly. ๐
"The net capital outflows from Bitcoin ETFs decreased to -$51.6 million yesterday, primarily due to a significant reduction in GBTC sales," noted investor Alistair Milne. He added, "Is this the turning point?" ๐ค
This theory of a turnaround is echoed by crypto analyst Willy Woo, founder of the Woobull data service. Woo argues, based on a new model correlating ETF inflows with Bitcoin's price movement, that the worst of the selling phase may be over. ๐
"According to this new model I'm playing with, the worst selling phase may be over," the expert stated. "I expect sideways movement until the halving, so April will likely be choppy." ๐๏ธ
Pseudonymous commentator WhalePanda concurs with this sentiment. In his analysis, he expresses similar optimism, suggesting that a new upswing could be just around the corner. ๐ผ
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