While Bitcoin (BTC) remains stable and hovers above the $70,800 level, outflows from Grayscale Bitcoin Trust (GBTC) continue their momentum.
Bitcoin Haunts Near $71,000 Amid GBTC Outflows
According to on-chain data, there was a significant outflow of $124.9 million from GBTC, as opposed to $4.6 million flowing into Fidelity's FBTC and $11.1 million flowing into Bitwise's BITB.
The Bitcoin spot ETF with the largest net inflow in a single day was the BlackRock ETF IBIT with a net inflow of $192 million. During the week, all Bitcoin ETFs collectively reported a significant weekly outflow totaling $227.9 million.
Market sentiment indicates a widespread belief that ongoing outflows from GBTC are putting downward pressure on BTC prices.
However, this perspective is not fully accepted as some market participants have adopted a cautious stance, stating that outflows from GBTC are expected due to the higher fee structure.
Meanwhile, investors are counting on some degree of price stability for Bitcoin in the remaining weeks of April.
Betting activity on Polymarket reflects this sentiment, with a projected 60% chance of BTC reaching $75,000 by the end of the month and a 32% chance of reaching $80,000.
As Bitcoin continues to attract attention in financial markets, fluctuations in ETF flows, particularly from GBTC, are being closely monitored for their potential impact on price dynamics.
*This is not investment advice.