Bitcoin ETF

Bitcoin

April

Grayscale Bitcoin Trust

Outflows from the Grayscale Bitcoin Trust (GBTC) exchange-traded fund (ETF) have hit a new record low, down almost 90% from the previous day, coinciding with a rebound in Bitcoin&nbsp;after new United States inflation data triggered volatility.&nbsp;
On April 10, GBTC saw outflows of $17.5 million, a significant decrease compared to the $154.9 million outflows recorded on April 9, <a href="https://farside.co.uk/?p=1321" target="_blank" rel="noopener nofollow">according</a> to Farside data. 
Alongside this, the price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;has increased 2.08% over the past 24 hours, currently standing at $70,474, per CoinMarketCap <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">data</a>.
Within the same time frame, it briefly hit local lows of $67,482 following the release of the U.S. Consumer Price Index (CPI) for March, which came in at a hotter-than-expected 3.5% year-on-year. This led to worries that the U.S. Federal Reserve <a href="https://cointelegraph.com/news/bitcoin-demand-grayscale-research-inflation-interest-rates-united-states">might further delay interest rate cuts</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/100a1128-1454-4134-b1f7-3f0e5893375c.png" alt="" title="">
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 Bitcoin’s price has hovered between $65,600 and $72,668 over the past seven days. Source: CoinMarketCap
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Some crypto <a href="https://cointelegraph.com/news/gbtc-bitcoin-etf-outflows-theory-suggests-its-over-soon">commentators are again sharing hope</a> it could be the start of the slowdown in GBTC outflows, which have amounted to $16 billion in outflows since GBTC was converted to a spot Bitcoin ETF in January.&nbsp;
“GBTC selling over?” the CEO of crypto-focused reviews portal Apollo, Thomas Fahrer, asked his 41,500 X followers in an April 11 <a href="https://x.com/thomas_fahrer/status/1778182221700145219" target="_blank" rel="noopener nofollow">post</a>.
Fahrer further pointed out that the April 10 outflows are equivalent to roughly 250 Bitcoin, almost a 95% decrease in outflows from the start of the week.
Only days ago, on April 8, Grayscale witnessed outflows equivalent to 4,288 Bitcoin at a total of $303 million.
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 Source: <a href="https://x.com/thomas_fahrer/status/1778182221700145219" target="_blank" rel="noopener nofollow">Thomas Fahrer</a>
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The previous low was on Feb. 26 when GBTC outflowed $22.4 million. The daily GBTC outflows average across the four months is $257.8 million.
The Fidelity Wise Origin Bitcoin Fund recorded $76.3 million in inflows, BlackRock’s iShares Bitcoin Trust saw $33.3 million, the Bitwise Bitcoin ETF saw $24.3 million, and the ARK 21Shares Bitcoin ETF had inflows of $7.3 million.
Recently, bankrupt crypto lending firm <a href="https://cointelegraph.com/news/genesis-crypto-lender-bankrupt-bitcoin-purchase-grayscale-gbtc#:~:text=The%20total%20sale%20amount%20came,is%20currently%20worth%20%242.18%20billion.">Genesis offloaded approximately 36 million GBTC shares</a> to acquire 32,041 Bitcoin. 
Magazine: <a href="https://cointelegraph.com/magazine/crypto-bull-run-china-bitcoin-herbert-sim-hall-of-flame/">China will intensify Bitcoin bull run, $1M by 2028: Bitcoin Man, X Hall of Flame</a>

Bitcoin bounces back as Grayscale ETF outflows hit new record low

Cointelegraph

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