TechFlow news — Vetle Lunde, Senior Analyst at K33 Research, stated on X that recent GBTC outflows could be net neutral for the market and that GBTC outflows are expected to decline next week.
He noted: "Last week saw an acceleration in Grayscale fund outflows, coinciding with Gemini Earn's announcement that Genesis has reached a principle agreement to settle with creditors using in-kind repayments. I lean toward the view that most of the recent GBTC outflows have been net neutral for the market (selling GBTC shares → buying spot BTC). We estimate that as of March 7, Genesis still holds approximately 10.4 million GBTC shares available for sale. Our estimate is based on the average daily outflow from February 1 to February 13, plus the additional excess daily outflows since February 14."
"Given the current outflow pace, all Gemini/Genesis-related flows should be cleared before this weekend. If our assumptions hold, Grayscale should see outflows revert next week toward levels seen in early February, and the rapid shift in net flows could quickly turn market sentiment from positive to negative."
