Odaily News John Todaro, an analyst at Needham Company, an American investment bank and asset management company, pointed out that Thursday was one of the lowest days for GBTC net outflows this week and was also the third consecutive day of declining outflows, which may indicate that redemptions are beginning to slow down. Although the current market is still difficult to quantify, the two major driving factors of the sell-off, FTX and arbitrage funds, are close to completion. Bitcoin started to move higher this weekend as selling pressure on Grayscale GBTC slowed, with Coin Metrics data showing Bitcoin briefly topped $42,000 on Friday. Previously, JPMorgan Chase strategist Nikolaos Panigirtzoglou also made a similar observation. He said: GBTC profit-taking has almost been completed... This means that the downward pressure on Bitcoin from this channel should have basically passed.