Grayscale Bitcoin ETF Sees Drastic 60% Drop In Outflows, Why This Is Important
29 März 2024 - 6:00PM
NEWSBTC
The outflows from the Grayscale Bitcoin ETF rocked the market hard
last week, leading to a dramatic decline in the BTC price. However,
with the new week, there has been a change in direction as
investors begin to get bullish on Bitcoin once more. As a result,
the outflows from the Grayscale ETF have slowed down, reaching one
of its lowest points for the month. Grayscale Bitcoin ETF Outflows
Drop 60% Grayscale outflows ramped up last week, spearheading what
would turn out to be a full week of outflows from Spot Bitcoin ETFs
for the first time ever. The outflows rose rapidly over the week,
even moving into the new week. However, inflows into Spot Bitcoin
ETFs have been on the rise, which have overshadowed the outflows
from GBTC. Related Reading: Shiba Inu Going To $0.0001: Crypto
Analyst Reveals What Will Drive The Rally Despite the outflows from
the GBTC continuing, it has begun to spin into a more positive
narrative as the number of BTC flowing out of the fund is declining
fast. To put this in perspective, data shows there was 299.8 BTC
moved out of the fund on Wednesday, March 27, and on Thursday,
March, 20204, this figure dropped to 104.9 BTC, representing a 60%
drop. This marks the second day with the lowest outflows from the
Grayscale Bitcoin ETF right behind the March 12 outflows of 79 BTC.
It also points to a decline in the volume of outflows as investors
start to level out and find their footing elsewhere. Nevertheless,
the GBTC has remained the loser of the Spot Bitcoin ETF race,
nursing a full month of outflows so far. Since the ETFs were first
approved in January until now, there has been more than $14.6
billion moved out of the fund, which accounts for around 50% of its
total balance. These BTC have presumably found a home in other Spot
ETF funds which have been seeing massive inflows. Unlike last week,
inflows have also dominated Spot Bitcoin ETFs this week. Total
inflows for the week crossed above $800 million, bringing the total
Assets Under Management (AuM) to almost $57 billion in less than
three months. Why This Could Trigger A BTC Price Rally The last
time that GBTC outflows saw a slowdown after rising for about a
week, it triggered a response from the Bitcoin price in the form of
a rally. Inflows also continued to dominate for the next couple of
weeks and during this time, the BTC price enjoyed a long stretch of
recovery. It went from $40,000 to over $70,000 in the space of two
months. Related Reading: Dogecoin Holder Base Reaches New Record
Amid Surge In Interest If this trend repeats itself this time
around, then another massive BTC price rally could be around the
corner. A similar price increase would also put Bitcoin right above
$100,000 in the next few months. In this case, the uptrend would be
far from over. At the time of writing, Bitcoin is still struggling
to break $70,000 after a 1% drop in the last day. BTC price jumps
above $70,000 | Source: BTCUSD on Tradingview.com Featured image
from Which.co.uk, chart from Tradingview.com
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