Key Takeaways
- GBTC experienced record outflows, with $642 million on March 18.
- Analyst Eric Balchunas predicts the outflows may soon end.
- $359 million USD exited the fund on March 21.
Grayscale’s Bitcoin Trust (GBTC) witnessed another day of substantial outflows.
Nearly $359 million exited the fund on March 21. This follows a massive week of outflows, with $642 million on March 18 being the largest day on record.
Analysts predict end to outflows
Senior Bloomberg ETF analyst Eric Balchunas believes the outflows may soon taper off.
He suggests that the majority of outflows, particularly from bankrupt crypto firms, are nearing an end.
Balchunas notes that any outflows from Gemini/Genesis are likely buying BTC with cash, hence the market holding up.
Market implications and future outlook
Balchunas adds that once the outflows subside, only retail investors will be left.
This could lead to flows resembling the February trickle.
The analyst’s perspective offers a glimmer of hope for GBTC and the broader Bitcoin ETF market.
