Bitcoin's price fell below $64,000 on March 22, and Genesis might be selling its GBTC to buy the dip.
Bitcoin's price fell below $64,000 on March 22, and it seems that the digital asset financial firm Genesis is trading in its GBTC shares to buy the dip, says Eric Balchunas, senior ETF analyst at Bloomberg.
"The nine new Bitcoin ETFs have taken in about $1.2 billion in past 5 days as price declined 8%," Balchunas said on the social media platform X. "GBTC had outflows yes, but it is largely Genesis , who is simply exchanging GBTC shares for spot BTC, so net neutral event . Add it up, the ETFs have been net buyers of BTC . As usual, when it comes to selloffs, the call is coming from inside the house.
An X user also connected 16,800 BTC entering two of Genesis's wallets may have been derived from GBTC outflows. GBTC experienced a record daily outflow of $642.5 million on March 18, with $1.84 billion of total outflows between March 18 and March 21, according to The Block's Data Dashboard. GBTC is a converted spot bitcoin ETF issued by the digital asset management firm Grayscale Investments. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.
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