Odaily Planet Daily News Charlie Morris, founder of investment consulting firm ByteTree, said in an article on X that the number of bitcoins held by Grayscale GBTC has dropped from about 630,000 to 230,000. This is the largest "source of leakage" in the ecosystem, down 64% from 2019. It's a drag, but capital outflows should slow from now on. Net flows of global Bitcoin ETFs have turned positive again, meaning demand has absorbed GBTC sales. Structural demand will continue to emerge, and net flows will soon pick up as GBTC outflows slow. October (Bitcoin's strongest month) is expected to set a new high. ETF net flows are a key determinant of Bitcoin prices. A substantial rise is coming, which indicates bullishness.
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Analysis: Slowing outflows from GBTC indicate continued structural demand, Bitcoin is expected to hit a new high in October
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