May 23, 2024
Bitcoin's at $70,783, Grayscale ETF Outflows Hit an All-Time Low
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Bitcoin’s at $70,783, Grayscale ETF Outflows Hit an All-Time Low

Thursday, April 11, 2024: Bitcoin price trades at $70,783. The Grayscale Bitcoin Trust (GBTC) exchange-traded fund (ETF) has experienced a notable decrease in outflows, reaching a new record low, coinciding with a resurgence in Bitcoin prices following U.S. inflation data-induced volatility.

On April 10, GBTC witnessed outflows of $17.5 million, a stark decline from the $154.9 million recorded on April 9, according to data from Farside.

Bitcoin’s price has hovered between $65,600 and $72,668 over the past seven days. Source: CoinMarketCap

Simultaneously, the price of Bitcoin has risen by 2.08% over the past 24 hours, reaching $70,474, as per CoinMarketCap data. However, it briefly dipped to local lows of $67,482 after the release of the U.S. Consumer Price Index (CPI) for March, which exceeded expectations at 3.5% year-on-year. Concerns emerged regarding potential delays in interest rate cuts by the U.S. Federal Reserve.

Signs of a Potential Slowdown in GBTC Outflows

Some cryptocurrency analysts are optimistic about a potential slowdown in GBTC outflows, which have totaled $16 billion since GBTC transitioned to a spot Bitcoin ETF in January.

“GBTC selling over?” queried Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, to his 41,500 followers on April 11, noting the substantial decrease in outflows.

Fahrer highlighted that the April 10 outflows amounted to approximately 250 Bitcoin, representing an almost 95% decrease compared to the beginning of the week. Just days earlier, on April 8, Grayscale witnessed outflows equivalent to 4,288 Bitcoin, totaling $303 million.

Source: Thomas Fahrer

Inflows into Various Bitcoin Investment Vehicles

While GBTC experienced record-low outflows, other Bitcoin investment vehicles saw significant inflows. The Fidelity Wise Origin Bitcoin Fund saw $76.3 million in inflows, trailed by BlackRock’s iShares Bitcoin Trust at $33.3 million.

Notably, bankrupt crypto lending firm Genesis recently offloaded approximately 36 million GBTC shares to acquire 32,041 Bitcoin.

The significant decrease in GBTC outflows amid a Bitcoin price rebound suggests a potential shift in investor sentiment, with inflows into various Bitcoin investment vehicles indicating continued interest in the cryptocurrency market.

Image by fabrikasimf on Freepik

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