Part 4/14:
Much of the recent downturn is attributed to the ongoing situation with Bitcoin ETFs and the Grayscale Bitcoin Trust (GBTC). Data reveals a persistent outflow of Bitcoin from Grayscale, with over 55,000 BTC being liquidated in just seven days—a rapid decline driven by FTX-related selling and institutional rebalancing.
Despite these outflows, the net absorption of Bitcoin into ETFs remains positive, with an estimated 27,918 BTC accumulated over the week. This translates to roughly 4,000 BTC per day, a significant pace compared to the 900 BTC generated daily, indicating a potential supply squeeze ahead. If these donation rates continue without significant further sell-offs, the market could see a substantial upward bias post-halving.