Outflows of the Grayscale Bitcoin ETF Last week’s market turmoil led to a sharp decline in BTC prices. Investors are now more bullish than ever on Bitcoin. The Grayscale has seen a significant outflow of funds. ETF Have slowed and reached one of the lowest points in this month.
Grayscale Bitcoin ETF Outflows Drop 60%
Grayscale exodus accelerated in the last week. This was the beginning of what would be a week-long outflow from Spot Bitcoin ETFs First time in history. Even though the outflows continued into the next week, they increased rapidly. Inflows to Spot Bitcoin ETFs are on the increase, and have even overshadowed GBTC’s outflows.
The outflows of the GBTC The narrative has spun into one of optimism as BTC is leaving the fund at a rapid rate. For context, let’s look at data. shows The fund had 299.8 BTC on March 27, but on March 20204 it dropped to only 104.9 BTC. That is a drop of 60%.
It is the second-lowest day for outflows in the Grayscale Bitcoin ETF, just behind March 12’s outflows at 79 BTC. The volume of withdrawals is also declining as investors find their feet elsewhere.
GBTC remains the losing ETF in the Spot Bitcoin race. nursing a full month of outflows so far. More than $14,6 billion has left the ETF since its approval in January, or around half of the total fund balance. The BTC are likely to have found other homes. Spot ETF Massive inflows of funds have occurred.
This week’s Spot Bitcoin ETFs also saw a large inflow of money, unlike last week. The total inflows this week exceeded $800,000,000, which brought the Assets Under Management to $57 billion.
How This could trigger a BTC price rally
Last time you did that GBTC outflows After a rise of about a fortnight, the Bitcoin market responded with a rally. Also, inflows continued to be the dominant factor for the next BTC prices have been recovering for a couple of weeks. In just two months, it went from $40,000.00 to more than $70,000.00.
This trend could repeat itself again, and another BTC price surge may be just around the corner. Similar price increases would also occur. put Bitcoin right above $100,000 In the meantime, next In a few months. The uptrend in this situation would not be over.
Bitcoin has yet to reach $70,000 following a drop of 1% in the past day.
BTC price jumps above $70,000 | Source: BTCUSD on Tradingview.com
Featured Image from Which.co.uk. Chart by Tradingview.com
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