Bloomberg ETF senior analyst Eric Balchunas said significant outflows from Grayscale GBTC this week were likely due to Genesis. Genesis appears to be selling its GBTC shares to buy Bitcoin on the dip.
Balchunas posted on the At this point), they are just exchanging GBTC shares for spot Bitcoin, so it is a net neutral event (and GBTC outflows are all funds before it was converted into ETFs). Taken together, ETFs have been net buying Bitcoin (actually No new money is flowing out, but more money is flowing in).”
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Data from The Block shows that GBTC set a record for single-day capital outflows on March 18, reaching $642.5 million; total capital outflows between March 18 and March 21 reached $1.84 billion. (The Block)