Bitcoin Stable Near $71K as GBTC Outflows Pick Back Up
The Thursday total ETF flow was negative, with GBTC leading the pack
Apr 12, 2024 at 6:12 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3VETIXSXHJFAFPAKORBDN7HVTQ.png)
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- GBTC outflows are once again negative, with $124.9 million flowing out of the trust-turned-ETF.
- However, the price of bitcoin remains stable, challenging the thesis that outflows push down prices
(BTC) is stable, trading above $70,900, as outflows from the Grayscale Bitcoin Trust (GBTC) pick up once again.
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Overall, $124.9 million flowed out of GBTC, according to on-chain data. In comparison, $4.6 million flowed into Fidelity's FBTC, and $11.1 million went into Bitwise's BITB.
Up to Thursday, all the bitcoin ETFs have reported a weekly outflow of $227.9 million.
There's currently a belief within the market that continued outflows from GBTC put selling pressure on BTC and drive down prices.
However, that belief is not universal, and some market participants have a wait-and-see approach, highlighting that outflows are expected from GBTC, given its higher fee structure.
Traders are pricing in some price stability for bitcoin in the remaining weeks of April, with bettors on Polymarket putting the chance of BTC hitting $75,000 at 60% by month's end and the chance of it hitting $80,000 at 32%.
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