Bitcoin ETFs See $836M in Outflows as Genesis Bankruptcy Puts Pressure on Crypto Markets

• Spot bitcoin ETFs saw first week of net outflows totaling $836 million between March 18-21

• Outflows from Grayscale Bitcoin Trust reached $1.83 billion over 4 days

• Selling pressure may be from bankruptcy estate of Genesis Global needing to sell 35.9 million GBTC shares

• Cryptocurrency market remains focused on ETF flows rather than fundamentals

• Majority of Genesis creditor payments will be in crypto, so market effect on bitcoin should be net neutral