GBTC's notable outflows this week are likely due to Genesis, says an exchange-traded fund (ETF) analyst. 

Bitcoin's price fell below $64,000 on March 22, and it seems that the digital asset financial firm Genesis is trading in its GBTC shares to buy the dip, says Eric Balchunas, senior ETF analyst at Bloomberg. 

"The nine new Bitcoin ETFs have taken in about $1.2 billion in past 5 days as price declined 8%," Balchunas said on the social media platform X. "GBTC had outflows yes, but it is largely Genesis (we know this for fact), who is simply exchanging GBTC shares for spot BTC, so net neutral event (plus GBTC is all pre-ETF money). Add it up, the ETFs have been net buyers of BTC (and none of the new money has left in fact more has come in). As usual, when it comes to selloffs, …