Hope

Bitcoin ETF

Bitcoin

Arkham

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/signs-of-slowdown-in-grayscales-bitcoin-trust-outflows-spark-hope" rel="noopener noreferrer nofollow">Signs of Slowdown in Grayscale’s Bitcoin Trust Outflows Spark Hope</a> 
The cryptocurrency market is witnessing notable developments regarding spot <a href="https://en.bitcoinhaber.net/impending-approval-of-spot-bitcoin-etf-a-game-changer-for-crypto-investments" rel="noopener noreferrer nofollow">Bitcoin</a> Exchange-Traded Funds (ETFs), as Grayscale’s Bitcoin Trust (GBTC) outflows have started to slow down after consecutive days of decline. This deceleration has ignited a glimmer of hope among analysts that the frenzy of Bitcoin selling, amounting to billions of dollars, might soon come to an end.
Data from BitMEX Research indicates that GBTC outflows on January 24 amounted to $429 million, marking the smallest daily withdrawal since the launch of Grayscale’s spot Bitcoin ETF on January 11. This figure represents a 33% slowdown compared to the outflow on January 22, signaling a potential easing of selling pressure.
Bloomberg ETF analyst Eric Balchunas observed that GBTC outflows appear to be on a downward trend, although he cautioned that the sales volumes remain significant. Over nine trading days, GBTC has seen the sale of approximately 106,092 Bitcoins, valued at around $4.4 billion.
The slowdown in daily outflows does not necessarily mean that sales from GBTC have ceased or slowed down significantly. Balchunas had previously estimated that GBTC’s traded shares might lose about 25% of their value before the outflows come to a halt.
Blockchain data monitoring firm Arkham Intelligence has warned that GBTC transaction data displayed on its platform could be misinterpreted at first glance. Arkham revealed that the GBTC outflow data is split between Coinbase Prime and new GBTC custody addresses, meaning not all transferred Bitcoin from Grayscale’s Bitcoin Trust is being utilized, and the transaction data is often divided among multiple addresses.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/signs-of-slowdown-in-grayscales-bitcoin-trust-outflows-spark-hope" rel="noopener noreferrer nofollow">Signs of Slowdown in Grayscale’s Bitcoin Trust Outflows Spark Hope</a></h5>

Signs of Slowdown in Grayscale’s Bitcoin Trust Outflows Spark Hope

BH NEWS

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