The price of Bitcoin has remained steady around $70,500 despite recent outflows from spot ETFs. Bitcoin is currently trading at $70,584, up by 5.12% over the past 24 hours. It has seen a 9% increase over the past week and a 37% increase over the past month, nearing its all-time high of $73,750 recorded in March. Despite significant outflows from the Grayscale Bitcoin Trust (GBTC) and other US spot bitcoin ETFs experiencing net outflows for five days, Bitcoin has maintained its momentum. Data shows that GBTC has seen over $14.1 billion in outflows since the fund converted from a trust to an ETF.
The outflows from the ETFs culminated in withdrawals of $888 million from investors over the last week, with the largest outflows occurring on March 19 and 20. However, the pace of net outflows slowed down towards the end of the week, with BlackRock’s iShares Bitcoin Trust reporting a meager $19 million in outflows on Friday. Despite the recent streak of outflows, BlackRock’s iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin ETF, and Fidelity’s offering attracted net inflows during their first 50 days of trading, marking an unprecedented accomplishment in the new ETF sector. This period of outflows followed a record-breaking week that saw $2.5 billion in net inflows, highlighting the volatility of the cryptocurrency market.
Analysts believe that the trend of outflows from Grayscale’s fund may be reaching its end. Senior Bloomberg ETF analyst Eric Balchunas stated that most of the outflows are likely due to bankruptcies in the crypto industry and that the worst may be over. Balchunas suggested that any outflows from prominent players like Gemini or Genesis are likely being used to purchase Bitcoin, supporting the market. Independent researcher ErgoBTC noted that around $1.1 billion of recent GBTC outflows could be linked to bankrupt crypto lender Genesis, as the activity volumes and timings of the outflows from GBTC and inflows into Genesis seem to correlate.
Despite the recent outflows from spot ETFs, Bitcoin has managed to maintain its price stability around $70,500. The leading cryptocurrency is currently trading at $70,584, with a 5.12% increase over the past 24 hours. It has experienced a 9% increase over the past week and a 37% increase over the past month. Bitcoin is now just 4.6% away from its all-time high of $73,750 registered in March. The recent outflows from Grayscale Bitcoin Trust and US spot bitcoin ETFs may be nearing an end, with analysts suggesting that the worst may be over and that any outflows from prominent industry players could be supporting the market.
