4/ Total flows compared
Discussion
5/ The problem wasn't just GBTC outflow, the inflows got weaker too. New buyers are exhausted.
6/ For instance, Blackrock, the largest fund, is on a clear downtrend and recoded its worst inflow this week.
7/ This big picture remains extremely positive, though. We don't expect ETFs to indefinitely bring new money. There will be ups and downs. What has happened so far is extraordinary – $25 B in, $13.8 B out, $11 B net.
8/ The ETF complex has, on average, brought in a net of $225M per day. And the outflows have significantly dropped. Net flow is going back to neutral. Once Genesis liquidation is complete, and the price recovers a little, the sidelined capital might very well resume flowing in.
