- 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
The price of Bitcoins (BTC) hovers around $70,900, remaining relatively steady, while the Grayscale Bitcoin Trust (GBTC) experiences an increase in outflows again.
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Approximately $124.9 million was withdrawn from GBTC based on on-site information. On the other hand, a smaller amount of $4.6 million entered Fidelity’s FBTC, and an additional $11.1 million moved into Bitwise’s BITB.
Up to Thursday, all the bitcoin ETFs have reported a weekly outflow of $227.9 million.
In the financial world, it is widely assumed that the ongoing redemptions from Grayscale Bitcoin Trust (GBTC) are contributing to the sell-offs of Bitcoin (BTC), causing its price to decrease.
Despite the widespread holdings of this belief, it’s important to note that not everyone shares this view. Some market players take a cautious stance and anticipate withdrawals from GBTC due to its higher fees.
Traders anticipate a relatively stable price for bitcoin in April’s final weeks. On Polymarket, wagers suggest a 60% probability that Bitcoin will reach $75,000 by the month’s end. Additionally, there is a 32% chance that Bitcoin will surpass $80,000 during this period.
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2024-04-12 09:21