GBTC Witnesses Significant Outflows, Bitcoin Price Drops
Grayscale’s spot bitcoin exchange-traded fund (ETF), GBTC, has recently seen an increase in outflows. Data shows that a substantial 14,292.18 bitcoin, valued at over $556 million, have exited the fund after Monday’s trading activities. This marks the largest outflow to date for GBTC, which has seen a decrease in holdings from 617,079.99 BTC to its current level of 552,681.22 BTC. In contrast, Blackrock’s IBIT and Fidelity’s Wise Origin spot bitcoin ETFs have experienced an uptick in holdings.
Social Media Discussion and Price Decline
The outflows from GBTC and the decline in bitcoin’s value have sparked discussion on social media. Bitcoin’s price has dropped below the $39K threshold. Analysts suggest that investors are moving towards lower fee alternatives, while bitcoin miner outflows are also contributing to the downturn.
Stay Calm and Dollar-Cost-Average
Blockguard CEO Anthony Bevan advises retail investors to remain calm during this correction. He highlights that large players may manipulate prices to their advantage, but investors should stay calm and consider dollar-cost-averaging into their investments. The duration of the downturn is uncertain, but Bevan predicts a strong wick down followed by a bounce and slight recovery to establish a new range. In the past 24 hours, approximately $91.92 million worth of bitcoin long positions have been liquidated.
Hot Take: GBTC Experiences Significant Outflows as Bitcoin Prices Decline
Grayscale’s GBTC has seen a substantial amount of bitcoin leave the fund, contributing to a decrease in holdings and a decline in bitcoin’s price. While GBTC experiences outflows, other spot bitcoin ETFs are experiencing an increase in their holdings. The situation has sparked discussions on social media platforms. Investors are advised to remain calm and consider dollar-cost-averaging into their investments during this market correction. The duration of the downturn is uncertain, but analysts predict a bounce and slight recovery after a strong decline. In the past 24 hours, there have been significant liquidations of bitcoin long positions.
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