Bitcoin ETF

Bitcoin

Reversal

<p>This week, all the nine spot Bitcoin ETFs witnessed net outflows throughout all five days of trading. This happened majorly due to the massive outflows taking place from the <a href="https://coingape.com/gbtc-outflows-jump-to-1-8-billion-this-week-btc-price-in-consolidation/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Bitcoin ETF GBTC</a>, surging to a total of $14 billion since the launch in January 2024.</p>
<h3 id="bitcoin-etf-outflows-continue">Bitcoin ETF Outflows Continue</h3>
<p>On Friday, March 22, Friday Bitcoin spot ETFs experienced total net outflows amounting to $51.6 million on March 22. Additionally, Grayscale ETF GBTC recorded a single-day net outflow of $169 million, as per <a rel="noopener noreferrer nofollow" href="https://farside.co.uk/?p=997" target="_blank">data</a> from Farside Investors.</p>
<p>In contrast, BlackRock ETF IBIT observed single-day net inflows of only $18.89 million, marking two days of record lows. Meanwhile, Fidelity ETF FBTC saw single-day net inflows of merely $18.13 million. While the GBTc outflows have skyrocketed, BlackRock has been holding the other edge to subside the overall negative impact.</p>
<p>Amid this week’s net outflow, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> has come under pressure. At press time, BTC is trading 3.77% down at a price of $64,051 with a market cap of $1.259 trillion. According to crypto analyst Michael van de Poppe, although Bitcoin’s price is experiencing a decline, BlackRock’s continuous inflow into the Spot Bitcoin ETF remains positive. This indicates ongoing institutional buying activity. This significant trend suggests that we are still far from the end of this market cycle.</p>
<h3 id="btc-supply-shock">BTC Supply Shock</h3>
<p>Amidst Bitcoin’s endeavor to recover from its most prolonged dip in over five months, traders are turning their attention to the complexities associated with holding BTC in cold storage, via ETFs, and utilizing various borrowing options.</p>
<p>The trend of Bitcoin on exchanges continues to decline, with Coinbase Pro witnessing the withdrawal of 14.7k Bitcoin in the past 24 hours alone. Over the last 30 days, a total of 57.4k Bitcoin has been withdrawn from the platform.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> on exchanges keeping decreasing.</p>
 <p>In particular Coinbase pro saw 14.7k Bitcoin withdraw in the last 24 hours, reaching an amount of 57.4k withdrew in the last 30 days. <a href="https://t.co/hHaLwxdaWe" rel="noopener noreferrer nofollow">pic.twitter.com/hHaLwxdaWe</a></p>
 <p>— Alessandro Ottaviani (@AlexOttaBTC) <a href="https://twitter.com/AlexOttaBTC/status/1771398211137425803?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 23, 2024</a></p>
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<p>According to Poppe, the bearish divergence remains relevant for Bitcoin. He anticipates that we are approaching the bottom, likely having already reached it or will do so by next week, leading to a phase of sideways movement. The decreasing volatility is seen as a positive indicator.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The bearish divergence is still valid for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>.</p>
 <p>I'm expecting us to be bottoming really soon, probably have done so or will be next week and are going for a period of sideways action.</p>
 <p>The volatility is slowing down and that's a great sign. <a href="https://t.co/EDNSMN1If3" rel="noopener noreferrer nofollow">pic.twitter.com/EDNSMN1If3</a></p>
 <p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1771265088336343267?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 22, 2024</a></p>
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<p>The post <a href="https://coingape.com/five-days-of-bitcoin-etf-outflows-but-btc-price-shows-reversal-signs/" rel="noopener noreferrer nofollow">Five Days of Bitcoin ETF Outflows But BTC Price Shows Reversal Signs</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Five Days of Bitcoin ETF Outflows But BTC Price Shows Reversal Signs

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