On Thursday, there was a negative total ETF flow, with GBTC outflows taking the lead.
GBTC outflows, now an ETF, were negative at $124.9 million, yet Bitcoin price remains stable, challenging the theory that outflows push down prices.
Bitcoin is stable, trading above $70,900, as outflows from the Grayscale Bitcoin Trust (GBTC) pick up once again.
Bitcoin (BTC) is currently trading above $70,900 and seems to be stable. However, outflows from the Grayscale Bitcoin Trust (GBTC) have picked up once again, with $124.9 million flowing out, according to on-chain data. In contrast, Fidelity’s FBTC saw $4.6 million flowing in, while Bitwise’s BITB received $11.1 million. As of Thursday, all bitcoin ETFs have reported a weekly outflow of $227.9 million.
Some market participants believe that when GBTC outflows occur, it puts selling pressure on BTC, ultimately leading to lower prices.
Some investors are taking a cautious approach, as GBTC may experience outflows due to its higher fees and more alterantives.
Traders are expecting bitcoin prices to remain stable in the coming weeks of April. As per Polymarket bets, there is a 60% chance of Bitcoin hitting $75,000 and a 32% chance of reaching $80,000 by the end of the month.
