Friday, April 26, 2024: Bitcoin price today is $64,355, maintaining its position above $64K, even as bitcoin exchange-traded funds ETF outflows witnessed a notable increase. Market data indicates that U.S.-listed ETFs experienced a daily total net outflow of $217 million, contributing to a weekly total outflow of $244.49 million. Comparatively, Bitcoin has seen an approximate 3.7% increase in the last week.
According to JPMorgan, the correlation between bitcoin ETF prices and inflows has weakened, declining from a high of 0.84 in January to 0.60 in recent evaluations. This suggests a decrease in alignment between BTC prices and spot ETF flows, in February.
Interest in Grayscale’s Bitcoin ETF Outflow
Traders are particularly interested in the outflow from Grayscale’s converted bitcoin ETF (GBTC) due to its size. Data from SoSoValue reveals that GBTC experienced an outflow of $417 million since Monday, yet BTC prices continued to rise despite this trend.
Liquidation data, according to GoinGlass, remains relatively flat, with $60 million in liquidations recorded in the last 24 hours. Of this amount, BTC accounted for $13.48 million worth, while approximately $7 million in shorts were liquidated against roughly $6.17 million in longs.
In summary, Bitcoin’s resilience above $64K amidst significant ETF outflows highlights its robustness in the face of market fluctuations and investor sentiment shifts.
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