Remarkable developments continue to occur in the cryptocurrency market regarding spot Bitcoin ETF products. Outflows from Grayscale's #Bitcoin Trust product (GBTC), which has marked recent days, have slowed down for two consecutive days, and a glimmer of hope that the Bitcoin sales frenzy worth billions of dollars may soon end has begun to be shared by analysts.

Are GBTC Sales Ending?

Data from BitMEX Research shows GBTC outflows totaled $429 million on Jan. 24, the smallest daily outflow since Grayscale's spot Bitcoin ETF product launched on Jan. 11, and 20% compared to the beginning of the week, with outflows occurring on Jan. 22. 33 indicates a slowdown.

Bloomberg ETF analyst Eric Balchunas noted in a Jan. 25 In his previous writings, Balchunas concluded that there are still too many unknowns to determine when the mass exodus on the GBTC front will stop. On the #GBTC side, 106,092 Bitcoins worth approximately $4.4 billion were sold in nine trading days.

The slowdown in daily outflows does not mean that the sales in GBTC have ended or slowed down. Balchunas had previously predicted that GBTC would lose about 25% of its traded shares before the outflows ended.

Remarkable Statement from the Data Analysis Team

Blockchain data tracking firm Arkham Intelligence warned that GBTC transaction data displayed on its platform could be misinterpreted at first glance. Arkham explained in a January 24 The team made the following statements on the subject:

“Due to the input-output nature of the blockchain network, Bitcoin transaction data is often split between multiple addresses. GBTC custody wallets often send to more than one address. This means that some of the Bitcoin sent in a transaction may go to a different address than the primary recipient shown on the transaction panel.”