Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/grayscale-bitcoin-trust-records-a-new-low-in-outflows/" data-wpel-link="internal">Grayscale Bitcoin Trust Records a New Low in Outflows</a><br></p>
<p class="p1" style="text-align: justify">Grayscale <a href="https://coin-turk.com/bitcoin-kac-dolar-ethereum-ve-xrp-fiyat-grafikleri" data-wpel-link="internal">Bitcoin</a> Trust <strong>(GBTC)</strong> experienced a record low in outflows, coinciding with <a href="https://en.coin-turk.com/cryptocurrency-analyst-predicts-prolonged-downtrend-for-bitcoin-btc-after-testing-key-price-range/" data-wpel-link="internal">Bitcoin</a>‘s recovery following the volatility triggered by new US inflation data. According to Farside data, GBTC saw an outflow of $17.5 million on April 10th, a significant drop compared to the $154.9 million outflow recorded on April 9th.</p> 
<h2 class="p1" style="text-align: justify" id="gbtc-sets-another-record">GBTC Sets Another Record</h2> 
<p class="p1" style="text-align: justify">Amid these developments, the price of Bitcoin increased by 2.08% in the last 24 hours, trading at $70,474 according to <strong>CoinMarketCap</strong> data at the time of writing. Within the same timeframe, after the release of the US Consumer Price Index (CPI) for March, Bitcoin briefly dropped to a local low of $67,482 and ended up being 3.5% higher than expected on an annual basis. This situation has raised concerns that the US Federal Reserve might delay interest rate cuts even further.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339570 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/btc.webp" alt="" width="1318" height="877"></p> 
<p class="p1" style="text-align: justify">Some crypto commentators are hopeful that the slowdown in GBTC outflows, which have reached $16 billion since its conversion to a spot Bitcoin ETF fund in January, could be the beginning of a trend. Thomas Fahrer, CEO of the crypto-focused review portal Apollo, asked his 41,500 followers in a post dated April 11th:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Is the GBTC sell-off over?”</p> 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-etf-space">What’s Happening in the ETF Space?</h2> 
<p class="p1" style="text-align: justify">Fahrer also noted that the April 10th outflows were roughly equivalent to 250 Bitcoins and that there has been nearly a 95% decrease in outflows since the beginning of the week. Just a few days earlier, on April 8th, Grayscale witnessed outflows worth $303 million, equivalent to 4,288 Bitcoins.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339569" src="https://coin-turk.com/wp-content/uploads/2024/04/thomas.webp" alt="" width="500" height="529"></p> 
<p class="p1" style="text-align: justify">The previous low was on February 26th, with an outflow of $22.4 million from GBTC. The average daily GBTC outflows over four months have been $257.8 million. Fidelity Wise Origin Bitcoin Fund recorded an inflow of $76.3 million, BlackRock’s iShares Bitcoin Trust $33.3 million, Bitwise Bitcoin ETF Fund $24.3 million, and ARK 21Shares Bitcoin ETF Fund $7.3 million. The recently bankrupt crypto lending firm Genesis sold approximately 36 million GBTC shares to purchase 32,041 Bitcoins.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/grayscale-bitcoin-trust-records-a-new-low-in-outflows/" data-wpel-link="internal">Grayscale Bitcoin Trust Records a New Low in Outflows</a></h5>

Grayscale Bitcoin Trust Records a New Low in Outflows

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