The Gameplan
Jan 25, 2024
• 12
Min Read
The GBTC Problem
We have been watching spot BTC ETF flows closely since their launch two weeks ago, and while overall net flows remain decidedly positive, the market seems hung up on GBTC outflows. As a reminder, the outflows we care the most about are those from entities that are not rotating into other spot BTC ETFs. This is comprised of some speculative capital that played the run-up into ETF approval as well as sales from bankrupt entities, such as FTX.
While it is difficult to ascertain an exact amount of hidden GBTC available for sale, there are som...