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The Grayscale Bitcoin Trust (GBTC) spot exchange-traded fund (ETF) has experienced a significant decrease in outflows, coinciding with a rebound in the price of Bitcoin following the release of new United States inflation data.<\/p>\n
On April 10, GBTC outflows dropped to $17.5 million, a nearly 90% decrease from the $154.9 million outflows recorded the previous day, according to Farside data<\/a>.<\/p>\n Simultaneously, the price of Bitcoin (BTC) has risen by 2.08% over the past 24 hours, currently trading at $70,474, as per CoinMarketCap data<\/a>. However, the cryptocurrency briefly hit local lows of $67,482 after the release of the U.S. Consumer Price Index (CPI) for March, which came in higher than expected at 3.5% year-on-year. This led to concerns that the U.S. Federal Reserve might further delay interest rate cuts<\/a>.<\/p>\n Some crypto commentators are expressing hope that this could mark the beginning of a slowdown in GBTC outflows<\/a>, which have totaled $16 billion since GBTC was converted to a spot Bitcoin ETF in January. Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, pointed out that the April 10 outflows are equivalent to roughly 250 Bitcoin<\/a>, a nearly 95% decrease from the outflows at the start of the week.<\/p>\n \ud83d\udea8 GBTC Selling Over?<\/p>\n GBTC with just 250 #Bitcoin<\/a> in outflows ($18.5M)<\/p>\n Down 95% from Monday pic.twitter.com\/Q7TyOMGuMC<\/a><\/p>\n \u2014 Thomas | heyapollo.com (@thomas_fahrer) April 10, 2024<\/a><\/p>\n<\/blockquote>\n In contrast to GBTC\u2019s outflows, other Bitcoin ETFs have seen significant inflows. The Fidelity Wise Origin Bitcoin Fund recorded $76.3 million in inflows, BlackRock\u2019s iShares Bitcoin Trust saw $33.3 million, the Bitwise Bitcoin ETF saw $24.3 million, and the ARK 21Shares Bitcoin ETF had inflows of $7.3 million.<\/p>\n Recently, bankrupt crypto lending firm Genesis offloaded approximately 36 million GBTC shares<\/a> to acquire 32,041 Bitcoin. The daily GBTC outflows average across the past four months stands at $257.8 million, with the previous low being $22.4 million on February 26.<\/p>\n The development follows Nasdaq-traded spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed an inflow of $15.4 million<\/a>, marking a positive shift after five consecutive days of outflows. The downturn follows the recently approved U.S. spot Bitcoin ETFs<\/a>\u00a0experiencing a day of record-breaking inflows\u00a0exceeding $1 billion on Mar. 12.<\/a><\/p>\n<\/p><\/div>\n\n
Not all in the red<\/h2>\n