Charlie Morris, founder of ByteTree, an investment advisory firm, wrote on X that the number of bitcoins held by grey release GBTC has dropped from about 630,000 to 230,000. This is the largest "leak source" in the ecosystem, down 64% from 2019. This is a drag, but capital outflows should slow from now on. Net flows to global bitcoin ETFs have turned positive again, meaning demand has absorbed GBTC sales. Structural demand will continue to emerge and net flows will pick up soon as GBTC outflows slow. October, the strongest month for bitcoin, is on track to hit new highs. Net ETF flow is a key determinant of Bitcoin's price. A substantial rally is on the horizon, indicating bullish sentiment.