Bitcoin bounces back as Grayscale ETF outflows hit new record low

The amount of Bitcoin leaving the Grayscale Bitcoin Trust (GBTC) has reached a fresh low, dropping nearly 90% compared to the previous day. This decrease occurred simultaneously with Bitcoin’s price bouncing back following the release of new US inflation figures, causing market turbulence.

On April 10, there was a withdrawal of approximately $17.5 million from GBTC based on Farside’s data, which is much less than the $154.9 million withdrawn the previous day.

At the same time, the cost of Bitcoin has risen by 2.08% within the last 24 hours and is now valued at around $70,474 according to information from CoinMarketCap.

During the same period, the price dropped briefly to $67,482 after the publication of the U.S. Consumer Price Index (CPI) for March, which showed a 3.5% increase from the previous year. This caused concerns that the Federal Reserve could postpone any planned interest rate reductions.

Bitcoin bounces back as Grayscale ETF outflows hit new record low

Crypto experts are once more expressing optimism that the recent trend of GBTC seeing significant outflows, totaling $16 billion since its transformation into a spot Bitcoin ETF in January, could be coming to a gradual halt.

“Has the selling of GBTC (Grayscale Bitcoin Trust) stocks increased, according to your observation?”, questioned Apollo Thomas Fahrer with his 41,500 Twitter followers on April 11th.

Driver additionally noted that the outflows on April 10 amounted to approximately 250 Bitcoins, which represents about a 95% reduction in outflows compared to the beginning of the week.

Just recently, on April 8th, Grayscale experienced withdrawals of approximately 4,288 Bitcoins, equating to around $303 million in value.

Bitcoin bounces back as Grayscale ETF outflows hit new record low

An earlier record low for GBTC’s outflows occurred on February 26, amounting to $22.4 million. Over the past four months, the daily average GBTC outflow has been approximately $257.8 million.

In recent inflows, Fidelity Wise Origin Bitcoin Fund gained approximately $76.3 million, iShares Bitcoin Trust took in around $33.3 million, Bitwise Bitcoin ETF recorded about $24.3 million, and ARK 21Shares Bitcoin ETF received close to $7.3 million.

More recently, Genesis, a crypto lending company that filed for bankruptcy, sold around 36 million shares of GBTC to obtain approximately 32,041 Bitcoins.

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2024-04-11 09:07