Will BTC restart its rally? Bloomberg analysts: GBTC selling pressure stems from the bankruptcy of Genisisis, and the worst is coming to an end

SoSoValue data showed that the Bitcoin spot ETF had a net outflow of $94 million on the 21st, which has been negative for the fourth consecutive trading day, which has not been seen since January 25. On the 21st, the largest net outflow was Grayscale GBTC, with a single-day net outflow of $358 million, and the week before, Grayscale had a large-scale net outflow, with a net outflow of $642 million on the 18th, a record high, and the current historical net outflow of GBTC has reached $13.63 billion. However, Bloomberg ETF analyst Eric Balchunas tweeted that most of Grayscale's outflows may end soon, as the recent increase in net outflows, mostly from the liquidation of bankrupt crypto firms, can be seen from its "scale and consistency":

Any outflow from Gemini/Genisis could be converted to buy Bitcoin, so the market will remain strong. The point is that the worst-case scenario may be coming to an end, and once it does, there will be only retail outflows, which should be more like a trickle in February.

Genisis tosses GBTC In addition, anonymous independent researcher ErgoBTC found that in the past few weeks, about $1.1 billion worth of GBTC outflows appear to have come from bankrupt crypto lender Genesis, which has transferred more than 16,800 BTC to 2 new addresses in the past few weeks, and these bitcoins may have originated from GBTC outflows.

Genesis, which is in bankruptcy proceedings, sought court approval in early February to sell its approximately $1.6 billion Grayscale Trust holdings, including more than $1.3 billion worth of GBTC shares, and the bankruptcy court approved Genesis' request in mid-February to enable the institution to sell those assets to repay creditors. Extended reading: Grayscale GBTC selling pressure is not over! Genesis was approved by the court to sell more than 1.3 billion magnesium GBTC