Will the GBTC BTC outflow end in early April? South Korean crypto research firm CryptoQunt weighs in

Outflows from the Grayscale Bitcoin (BTC) Trust (GBTC) may end in early April, according to an analysis. GBTC is a bitcoin spot exchange-traded fund (ETF) from asset manager Grayscale. "With about 551,000 GBTC remaining and a net outflow of about 10,000 GBTC per trading day so far, the outflow should end by early April," said CryptoQuant QuickTake analyst oinonen_t on the CryptoQuant website on January 22.

GBTC has seen consistent net outflows since its first trade on Jan. 12 (Jan. 11 ET), unlike other U.S. spot bitcoin ETFs. The market is concerned that GBTC's net outflows will continue to push bitcoin lower, but Oinonenti expects the outflows to end in early April. "There is no guarantee that the outflows will end in early April because they will not continue at the same rate, but I believe that by early April these large outflows will be less frequent," he explained. "At this rate of 10,000 outflows per day, GBTC outflows from existing Grayscale Bitcoin Trust holders will stop in 55.1 days." Unlike other ETFs, GBTC is a conversion of a bitcoin trust product operated by Grayscale into a spot ETF. Unlike other ETFs, Oinonenti believes that GBTC will not see arbitrage demand from existing trusts until early April.