Grayscale Bitcoin Trust (GBTC) Outflows Decrease
The outflows from Grayscale’s Bitcoin Trust (GBTC) have slowed down, reaching their lowest point since the fund started trading. On Day 11, the outflows amounted to $255.1 million, bringing the total cumulative outflows to approximately $5 billion.
Grayscale Transfers Bitcoin from Primary Wallet
Recently, Grayscale reportedly moved over 19,000 BTC from its primary wallet. In total, Grayscale has transferred around 113,000 BTC from its holdings. According to data from Arkham Intelligence, Grayscale executed a transfer of 10,923 BTC to Coinbase Prime Deposit on Friday.
Influx of Funds into New Spot Bitcoin ETFs
New spot Bitcoin ETFs have seen an influx of funds, with approximately 134,000 BTC valued at $5.6 billion purchased in the first 10 trading days. This buying activity has somewhat counterbalanced the criticism faced by Grayscale from the Bitcoin community.
Bitcoin Recovers as Funds Flow In
Bloomberg’s flow data shows that Grayscale Bitcoin Trust topped the volume list with a total of $12,625 million in 11 days. iShares Bitcoin Trust recorded an inflow of $2,086.3 million, while Fidelity Wise Origin Bitcoin Fund saw an inflow of $1,825.7 million.
Bitcoin Price and Trading Volume
Despite the GBTC outflows, Bitcoin itself has shown resilience and recovered from its dip below $40,000. The current price of Bitcoin is $41,780 with a 24-hour trading volume of $25.94 billion.
Hot Take: GBTC Outflows Decrease as Bitcoin Recovers
The recent decrease in outflows from Grayscale’s Bitcoin Trust (GBTC) indicates a shift in investor sentiment. As new spot Bitcoin ETFs attract significant funds, the criticism faced by Grayscale seems to have been mitigated. This development, combined with Bitcoin’s price recovery and strong trading volume, suggests a positive outlook for the cryptocurrency market. While GBTC outflows may have initially affected Bitcoin’s value, the slowdown in outflows indicates a potential stabilization in the market. As more investors flock to new ETFs, Bitcoin’s resilience and growing adoption may drive its future growth.
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