Is the Bitcoin Outflow Tide Receding?

Recent data from Farside suggests a receding tide for Bitcoin outflows, with GBTC seeing a $170 million outflow on March 22nd. This departure from previous steep outflows hints at a potential shift in the market dynamics. Speculation surrounds Genesis' role in the outflows, as rumors suggest the troubled lender may have been liquidating GBTC holdings. If these liquidations have indeed subsided, it could ease the downward pressure on Bitcoin ETFs.

Is the Tide Turning for Bitcoin Outflows?

Recent data from UK-based investment firm Farside reveals that on March 22nd, the Grayscale Bitcoin Trust (GBTC) saw a modest outflow of just $170 million. This marks a departure from the steep outflows observed since early March, which have seen GBTC's assets under management decline for five consecutive days.

Is the Genesis Factor Subduing?

Rumors have been circulating that troubled crypto lender Genesis has been liquidating its GBTC holdings, contributing to the outflows. However, if these liquidations have subsided, it could alleviate the downward pressure on Bitcoin ETFs.

A Statistical Pivot?

Willy Woo, a statistician and founder of on-chain data repository Woobull, suggests that a pivot point may have been reached. He recently unveiled an algorithm comparing ETF inflows with Bitcoin price movements. While he remained coy about the data used, he hinted that the bulk of the offloading may be complete.

Bullish Outlook Intact

Based on this new model, Woo believes that the worst of the sell-down in Bitcoin's current consolidation phase may be behind us. He maintains a bullish outlook for Bitcoin's short-term price movement, speculating that price discovery tailwinds could return next week.

Regulatory Roundup: EU Targets Unverified Wallets

In regulatory news, the European Union is cracking down on unverified self-custodial wallet crypto transactions. This move aims to prevent money laundering and terrorist financing, but it raises concerns about privacy and self-sovereignty in the crypto space.