Grayscale's Grayscale Bitcoin Trust (GBTC) is seeing massive outflows
ETF analyst Eric Balchunas believes that the massive uptick in outflows could be related to bankruptcies due to their sheer"size and consistency."
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. Balchunas has added that the worst might be already over, and retail is extremely unlikely to match these outflows alone. Speaking of the waning inflows recorded by the likes of BlackRock and Fidelity, the expert has acknowledged that they are"low" for their standards.
Earlier this week, Singapore-based cryptocurrency trading firm QCP Capital opined that a net negative for Bitcoin ETF would be a significant bearish signal. The largest cryptocurrency is currently struggling to gain a footing above the $66,000 level. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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