Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

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<p>On March 21, Grayscale's Grayscale Bitcoin Trust (GBTC) <a href="https://twitter.com/EricBalchunas/status/1770968531632357789">recorded</a> another $359 million worth of outflows. GBTC's massive outflows have been the main bearish narrative as of recently. &nbsp;</p>
<h2 id="who-s-behind-the-massive-outflows">Who's behind the massive outflows?</h2>
<p>ETF analyst Eric Balchunas believes that the massive uptick in outflows could be related to bankruptcies due to their sheer "size and consistency."</p>
<p>Even though there is some speculation about retail investors potentially jumping ship due to declining Bitcoin prices, Balchunas has noted that outflows would have been smaller and more random in such a case.&nbsp;</p>
<p>Retail-driven outflows, for instance, were observed in February, according to the analyst.</p>
<p>Balchunas has added that the worst might be already over, and retail is extremely unlikely to match these outflows alone.&nbsp;</p>
<h2 id="a-bearish-signal">A bearish signal?&nbsp;</h2>
<p>Speaking of the waning inflows recorded by the likes of BlackRock and Fidelity, the expert has acknowledged that they are "low" for their standards. However, it is also important to put things into perspective: last week, for instance, their ETFs experienced "outrageously" high inflows. &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</p>
<p>Earlier this week, Singapore-based cryptocurrency trading firm QCP Capital opined that a net negative for Bitcoin ETF would be a significant bearish signal.&nbsp;</p>
<p>The largest cryptocurrency is currently struggling to gain a footing above the $66,000 level. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</p>

Analyst Names Key Reason Behind Disastrous Grayscale's Outflows

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