After conversion from a closed-end fund to a Spot ETF, GBTC's treasury (3% of all 21 million bitcoin) has bled more than $4 billion during the first 9 days of ETF trading, while other ETF participants have seen inflows of approximately $5.2 billion over that same period.
Ultimately these projected outflows, despite being undoubtedly large, are counterintuitively extremely bullish for bitcoin in the medium-term despite the downside volatility that we have all experienced (and perhaps most did not expect) post ETF-approval.
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