Crypto asset manager Grayscale’s Bitcoin (BTC) exchange-traded fund (ETF) has notched another day of high outflows as nearly $359 million exited the fund on March 21, but analysts think the Grayscale-led exodus could soon be coming to an end.
The Grayscale Bitcoin Trust’s (GBTC) March 21 net outflows of $358.8 million follows a massive week of outflows, with its $642 million on March 18being the largest day on record, per Farside Investors data.
The latest figures bring this week’s total outflows for GBTC to $1.8 billion and marks the fourth consecutive day of net outflows across all 10 Bitcoin ETFs.
Senior Bloomberg ETF analyst Eric Balchunas speculated in a March 21 X post that much of Grayscale’s outflows could soon drawi to a close, with the majority of them coming from bankruptcies of crypto firms due to their “size and consistency.”
“Any Gemini/Genisis outflows likely buying BTC [with] cash hence market holding up,” said Balchunas.
Source: CoinMarketCap