Analyst Anticipates Bitcoin Surge as GBTC Records Mere $170M Outflow
- On March 22, the Grayscale Bitcoin Trust (GBTC) witnessed outflow of a mere $170M.
- The negative impact on ETF trends may diminish if this has now ceased.
The shift in momentum regarding institutional Bitcoin outflows may have already taken place. New information from several sources, including the UK-based investment business Farside, indicates that on March 22, the Grayscale Bitcoin Trust (GBTC) witnessed outflow of a mere $170 million.
There has been a net decrease in assets under management (GBTC) for five days in a row due to a precipitous drop in inflows and record highs in GBTC outflows since the beginning of March. Apparently, the timing isnt coincidental; rumor has it that insolvent cryptocurrency lender Genesis has been liquidating its GBTC holdings all week long.
Bullish Outlook on Bitcoin
The negative impact on ETF trends may diminish if this has now ceased. A major holdup in the sale of GBTC contributed to a net outflow of -$51.6 million from Bitcoin ETFs yesterday. Willy Woo, a statistician and founder of the on-chain data repository Woobull, likewise believes in the pivot point idea.
Woo unveiled a new algorithm that compares ETF inflows with Bitcoin price movement in a recent twitter post. He hinted that the most part of offloading could be done, but he was vague about whatever data is utilized to calculate the statistic.
He made the observation that the worst of the sell-down in this initial phase of the consolidation may have passed based on this new model he had been experimenting with. Also, he maintained his bullish outlook on Bitcoins short-term price movement in his analysis of the weeks events, speculating that next week might see the return of price discovery tailwinds.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
