Bitcoin ETFs Experience Significant Outflows as Genesis Liquidates Shares

The recent sell-off in Bitcoin ETFs, led by Grayscale's GBTC, has been largely attributed to Genesis selling its shares, amidst a broader downturn in the cryptocurrency market.

US spot bitcoin ETFs have seen net outflows for four consecutive days, with a total of $836 million leaving the funds this week.
The Grayscale Bitcoin Trust (GBTC) experienced a record single-day withdrawal of $642 million, contributing significantly to the overall outflows.
Bankrupt lender Genesis has been identified as a major factor in the outflows, selling off its GBTC shares to buy bitcoin during the price dip.
Despite the sell-off, analysts remain optimistic, suggesting that the worst of the downturn may be nearing its end, with potential for a market recovery.
Bernstein raises its year-end Bitcoin price target to $90,000, citing a new bull cycle and robust inflows into ETFs as key factors.