GBTC outflows decrease to $170M, paving way for Bitcoin to reach new all-time high

Bitcoin (BTC) may be experiencing a shift in momentum as institutional outflows of BTC decrease. Recent data from sources such as UK investment firm Farside reveals that the Grayscale Bitcoin Trust (GBTC) only lost $170 million on March 22. This comes as the United States Spot Bitcoin exchange-traded funds (ETFs) have faced scrutiny due to declining inflows and record-high GBTC outflows, resulting in five consecutive days of reduced assets under management. The timing of these trends may not be coincidental, as it is rumored that bankrupt crypto lender Genesis has been selling its GBTC position. If this selling pressure subsides, it could alleviate downward pressure on ETF trends. Alistair Milne, an investor and entrepreneur, noted that net outflows from Bitcoin ETFs have decreased, thanks to a slowdown in GBTC selling. Statistician Willy Woo and pseudonymous commentator WhalePanda also share the belief that the worst of the sell-off may be over. Woo introduced a new model comparing ETF inflows with BTC price action, suggesting that the intense phase of offloading could be coming to an end. WhalePanda remains optimistic about the near-term BTC price action, anticipating a period of consolidation before a potential return to price discovery. However, some critics are skeptical of GBTC, which now holds only half of its assets under management since converting to an ETF. Despite this, the spot Bitcoin products have seen tremendous success, becoming the most successful ETF launch in history with cumulative flows reaching $12.15 billion. Cathie Wood, CEO of ARK Invest, one of the ETF providers, believes that institutional exposure to Bitcoin is still on the horizon. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any financial decisions.