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Bitcoin Stable Near $71K as GBTC Outflows Pick Back Up
The Thursday total ETF flow was negative, with GBTC leading the pack
Updated Apr 12, 2024, 6:15 a.m. Published Apr 12, 2024, 6:12 a.m. 1 min read
- GBTC outflows are once again negative, with $124.9 million flowing out of the trust-turned-ETF.
- However, the price of bitcoin remains stable, challenging the thesis that outflows push down prices
is stable, trading above $70,900, as outflows from the Grayscale Bitcoin Trust (GBTC) pick up once again.
Overall, $124.9 million flowed out of GBTC, according to on-chain data. In comparison, $4.6 million flowed into Fidelity's FBTC, and $11.1 million went into Bitwise's BITB.
Up to Thursday, all the bitcoin ETFs have reported a weekly outflow of $227.9 million.
There's currently a belief within the market that continued outflows from GBTC put selling pressure on BTC and drive down prices.
However, that belief is not universal, and some market participants have a wait-and-see approach, highlighting that outflows are expected from GBTC, given its higher fee structure.
Traders are pricing in some price stability for bitcoin in the remaining weeks of April, with bettors on Polymarket putting the chance of BTC hitting $75,000 at 60% by month's end and the chance of it hitting $80,000 at 32%.
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- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
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