GBTC exits are down 70% from highs as bitcoin exchanges dump BTC
Bitcoin (BTC) exchange flows in January are falling on hidden BTC price forecasts.
Coins continue to leave exchanges despite a 20% drop in BTC/USD, according to the latest data from on-chain analysis firm Glassnode.
Data: Bitcoin ETF fear subsidy
Bitcoin investor appetite has not suffered due to the current BTC price pressures, according to Chain Monitoring.
At Glassnode, outflows from US exchange Coinbase alone have consistently increased by more than 10,000 BTC per day.
While the balance sheet shows the effect of balanced income flows, a trend is emerging in the second half of the month – inflows and outflows are becoming more balanced, suggesting a cooling of the volatility seen post-ETF launch on January 11.
BTC balances on exchanges were only increasing on January 23rd.
Since that day, trading platforms monitored by Glassnode have become lighter around 7,400 BTC ($321 million).
GBTC inches to flow “rolling”
At the same time, ETF flows themselves are trending in favor of Bitcoin bulls.
RELATED: BlackRock Bitcoin ETF Passes $2B Holdings As GBTC Drops 50%
While the Greyscale Bitcoin Trust (GBTC) has been sending around $700 million worth of BTC per day to Coinbase, the latest daily flow was less than $200 million.
In BTC terms, 24,000 BTC were withdrawn on January 25, while slightly more than 6,000 BTC were withdrawn on January 29.
Analyzing GBTC flows using data from statistical resource CoinGlass, financial analyst Tedtalksmacro predicted an upcoming shift for the space's ETFs – from net outflows to net inflows.
“Once we start seeing green on this chart, what narrative do you have to sell other than an unknown phenomenon,” he argues in his new YouTube video.
Tedtalksmacro described the depression with GBTC flows in recent weeks as “excessive”.
“There's $26 billion in these BTC ETFs in chain holdings, and as people get more comfortable with this asset class, that number will go higher and higher and higher,” he predicted about global ETF products.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
