Tech | Visa | Scholarship/School | Info Place

GBTC outflows plummet as Bitcoin price rebounds

A sharp reduction in outflows from the Grayscale Bitcoin Trust (GBTC) spot exchange-traded fund (ETF) coincided with a rebound in Bitcoin prices following the release of new U.S. inflation data.

According to Farside data, GBTC outflows fell to $17.5 million on April 10, a nearly 90% drop from the $154.9 million recorded the previous day.

Meanwhile, the price of Bitcoin (BTC) has increased by 2.08% in the past 24 hours and is currently trading at $70,474, according to CoinMarketCap. However, the cryptocurrency briefly touched a local low of $67,482 following the release of the U.S. Consumer Price Index (CPI) for March, which increased by 3.5% year-on-year, higher than expected. This has raised concerns that the Federal Reserve may delay further interest rate cuts.

Some cryptocurrency commentators expressed hope that this could mark the GBTC outflows start to slow downSince GBTC converted to a spot Bitcoin ETF in January, its total value has reached $16 billion.Thomas Fahrer, CEO of cryptocurrency-focused commentary portal Apollo, noted that the April 10 outflow was Equivalent to approximately 250 Bitcoinsoutflows dropped by nearly 95% from the beginning of this week.

Not all is red

In stark contrast to GBTC’s outflows, other Bitcoin ETFs have seen significant inflows. The Fidelity Wise Origin Bitcoin Fund saw inflows of $76.3 million, BlackRock’s iShares Bitcoin Trust saw inflows of $33.3 million, the Bitwise Bitcoin ETF saw inflows of $24.3 million, and the ARK 21Shares Bitcoin ETF saw inflows of $7.3 million.

Recently, bankrupt cryptocurrency lending company Genesis sold approximately 36 million GBTC shares to acquire 32,041 Bitcoins. The average daily outflow of GBTC over the past four months has been US$257.8 million, with the previous low being US$22.4 million on February 26.

This follows a $15.4 million inflow into the Nasdaq Spot Bitcoin (BTC) exchange-traded fund (ETF), marking a positive turn after five consecutive days of outflows. The recently approved U.S. spot Bitcoin ETF saw one-day inflows exceed $1 billion on March 12, a record high.

#GBTC #outflows #plummet #Bitcoin #price #rebounds

Leave a Reply

Your email address will not be published. Required fields are marked *