⚠️ Here's Why Bitcoin Is Falling and When It Will End
On March 21, the outflow from the spot Bitcoin ETF GBTC from Grayscale amounted to $358.8 million. Bloomberg analyst Eric Balchunas predicted an end to the outflow. According to Balchunas, most of the withdrawal of funds from GBTC is due to the bankruptcy of the Genesis crypto firm.
The analyst cited a March 19 statement from Genesis that said the bankrupt firm would return assets to creditors. In other words, Genesis is selling its GBTC shares to cover its debts, and Grayscale is forced to sell Bitcoin.
Conclusion: the worst is near the end. “Once the Grayscale sales end, the market will begin to recover,” added Eric Balchunas.