Bitcoin ETF

Bitcoin

Spot

Status

James

<ul> 
 <li>Bitcoin ETFs have lost momentum due to substantial outflows from GBTC. As of February 29, 2024, this amount was determined to be $599 million.</li> 
 <li>BlackRock’s iShares Bitcoin Trust (IBIT) fund recorded an inflow of $612.1 million, marking an increase from the $520.2 million recorded on February 28.</li> 
 <li>Bloomberg Intelligence ETF Analyst shared an update, stating that the inflow is still at a record level, and IBIT has broken its own record.</li> 
</ul> 
<p><strong>While spot Bitcoin ETFs are experiencing significant inflows with the rise in Bitcoin, Grayscale is losing more ground.</strong></p> 
<h2 id="strong-grayscale-s-bitcoin-etf-records-outflows-strong"><strong>Grayscale’s Bitcoin ETF Records Outflows</strong></h2> 
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126963" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Grayscale-3.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="Grayscale" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Grayscale-3.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Grayscale-3.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Grayscale-3.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Grayscale-3.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Grayscale-3.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Grayscale-3.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Grayscale-3.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>Bitcoin ETFs have lost momentum due to substantial outflows from GBTC. As of February 29, 2024, this amount was determined to be $599 million. Since the announcement by the U.S. Securities and Exchange Commission on January 10, 2024, regarding the launch of Spot Bitcoin ETFs, this is the second-highest outflow. However, BlackRock and Fidelity still see upward trends in their inflow columns.</p> 
<p>BlackRock’s iShares Bitcoin Trust (IBIT) fund recorded an inflow of $612.1 million, marking an increase from the $520.2 million recorded on February 28. Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC) recorded an inflow of $245.2 million, up from $126 million recorded as of February 27, 2024. On the other hand, Grayscale’s GBTC recorded an outflow of $216.4 million on February 28, 2024.</p> 
<p>The recorded outflow has impacted the inflow figures negatively, but it is said that the numbers still control the market. As of February 29, 2024, James Seyffart believed that the picture was darker than imagined. The Bloomberg Intelligence ETF Analyst shared an update, stating that the inflow is still at a record level, and IBIT has broken its own record.</p> 
<p>On February 29, 2024, GBTC’s outflows reached $599 million. This effect is evident from how BTC moved in the market. The Thursday session ended at $60,808, a 2.54% decrease. The token is currently trading around $62,000. Thursday’s figure indicated a partial reversal of a 9.38% increase from Wednesday. BTC is still above $60,000. In fact, the token briefly reached the milestone of $64,000.</p> 
<p>Bitcoin is likely to experience a turning point in the near future. This may not be unrelated to the entry of two U.S. banks, namely Bank of America’s Merrill Lynch and Wells Fargo, deciding to add Spot Bitcoin ETFs to their product lists. Vanguard is waiting on the sidelines in a period where these two banks have decided to offer the product.</p> 
<h2 id="strong-current-status-of-bitcoin-price-strong"><strong>Current Status of Bitcoin Price</strong></h2> 
<p>BTC is currently trading at $62,470, with a 1.16% decrease in the last 24 hours. ETH reflects the same trend with a 1.75% decrease during the same period. ETH is changing hands at $3,427.45. BTC is above the 50-day EMAs and also above the 200-day EMAs. This sends bullish signals across the crypto ecosystem. As the token surpasses $62,000, the community considers reaching $64,000 and eventually testing the $69,000 resistance. A drop to $59,176 could put Bitcoin at risk of falling to $57,000.</p> 
<p>ETH is also increasing bullish sentiment, holding values above the 50-day and 200-day EMAs. The current resistance is at $3,400, leading to the next resistance at $3,600. The agency has not confirmed any news about Spot Ether ETF. Any approval will provide significant perspective on the token.</p> 
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<p>The post <a rel="nofollow" href="https://en.coinotag.com/grayscales-gbtc-records-further-outflows-amidst-strengthening-spot-bitcoin-etfs/">Grayscale’s GBTC Records Further Outflows Amidst Strengthening Spot Bitcoin ETFs</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>

Grayscale’s GBTC Records Further Outflows Amidst Strengthening Spot Bitcoin ETFs

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