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Coin Stories with Natalie Brunell
News Block: GBTC Sees Record Outflows, Cathie Wood Says Bitcoin Could Hit $3.8 Million in 2030, Japan’s Largest Pension Fund Exploring Bitcoin, Fed Signals Rate Cuts
Mar 26, 2024
09:43
Snipd AI
Crypto analyst Cathie Wood predicts Bitcoin could reach $3.8 million by 2030 due to growing institutional demand. Topics include GBTC outflows, Japan's pension fund exploring Bitcoin, Fed rate cuts, and global monetary trends impacting Bitcoin's value and adoption in countries facing currency devaluation.
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Quick takeaways
- GBTC experienced significant outflows linked to Genesis bankruptcy, signaling concerns among ETF investors.
- Cathie Wood's optimistic Bitcoin price forecast of $3.8 million by 2030 is attributed to institutional adoption and pension fund investments.
Deep dives
Bitcoin ETF Investors Behavior During Pullbacks
ETF investors' reactions to Bitcoin pullbacks were closely monitored, with concerns about whether they would sell off holdings or hold strong. Amid recent pullback weeks, significant outflows of over $880 million were observed, primarily from the GBTC. However, excluding GBTC, the rest of the ETF issuers were net buyers, indicating a more positive stance. Analysts linked the large GBTC outflows to Genesis bankruptcy, which allowed clients to choose between cash or Bitcoin payments, likely resulting in the exchange of shares for Bitcoin.
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