Analysis: The slowdown in GBTC outflows indicates a sustained structural demand, and Bitcoin is expected to reach new highs in October
ByteTree founder Charlie Morris posted in X that the number of bitcoins held by Grayscale GBTC has dropped from about 630,000 to 230,000. This is the largest "leakage source" in this ecosystem, a decrease of 64% compared to 2019. It's a drag, but capital outflows should start to slow down from now on. The net inflow of global Bitcoin ETFs has turned positive again, which means that demand has absorbed GBTC sales. Structural demand will continue to emerge and with the slowdown in GBTC outflows, net inflows will soon rebound. October (Bitcoin's strongest month) is expected to set new highs. The net flow of ETFs is a key determinant of Bitcoin prices. A substantial rise is coming and it indicates bullishness.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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