Outflows from the Grayscale Bitcoin Trust have topped $1 billion per day this week.

Analysts at 10x Research are eyeing the $38,000 level for a potential bottom.

Flows of fresh investor money into the newly approved spot bitcoin ETFs may be far higher than previously thought.

Despite sizable net inflows into the new spot ETFs, bitcoin is lower by more than 12% since the products began trading one week ago.

Grayscale's GBTC has seen sizable outflows as investors cash following its conversion to a spot ETF.

The closely watched report

Speculation has been ramping up that regulatory approval for a U.S.-based spot bitcoin ETF is coming this week.

A large increase in demand coupled with lower supply should set the stage for higher prices in 2024, he told Bloomberg.

Also among those gazing into next year are a16z, Bitwise, VanEck and Hashdex.

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