Needham Analyst: The redemption of GBTC has slowed down, the liquidation of FTX's bankrupt assets and the sell-off by arbitrageurs have essentially ended

Needham analyst John Todaro stated in a report that this Thursday was one of the days with the lowest net outflows from GBTC, and it was also the third consecutive day of declining outflows, which may indicate that redemptions have begun to slow down. Although it is difficult to quantify the subsequent selling amount of GBTC, he believes that the two biggest driving factors for GBTC's sell-off (the sell-off by FTX bankruptcy funds and arbitrage funds) are nearly completed.

 

As previously reported by Golden Finance, JPMorgan strategist Nikolaos Panigirtzoglou expressed a similar view this Thursday, believing that profit-taking from GBTC has essentially ended and downward pressure on Bitcoin from this channel should be largely over.