Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Editor's Pick

GBTC Continues to Lead Outflows as Bitcoin Spot ETFs See Net Outflow of $58M

A recent report from SoSoValue shows significant movements in the Bitcoin exchange-traded funds (ETFs) market, mainly focusing on the outflows observed in Grayscale’s Bitcoin Trust (GBTC) and the broader net outflow of $58.03 million from Bitcoin spot ETFs.

The data highlights the dominance of outflows, with GBTC alone experiencing a net outflow of $79.38 million, contributing to its historical net outflow of $16.46 billion. 

In contrast, the BlackRock ETF IBIT saw a net inflow of approximately $25.78 million.

GBTC Sees a total of $16.46B in Outflows


Total Bitcoin Spot ETF Net Outflows Site: SoSoValue

Despite GBTC seeing over $16.46 billion in outflows, analysts suggest a potential shift in dynamics, especially considering Bitcoin’s volatility. With April 20 looming as a significant date to monitor, there will be a significant shift for ETFs.

Addressing concerns surrounding low inflows into US spot Bitcoin ETFs, Bloomberg ETF analyst James Seyffart reassured investors, emphasizing that such fluctuations are part of normal market behavior. Seyffart noted that significant inflows or outflows occur sporadically, usually due to demand-supply imbalances, rather than indicating fundamental flaws in the product.

On March 26, analysts speculated about the potential end of outflows from Grayscale’s fund. Senior Bloomberg ETF analyst Eric Balchunas suggested that most outflows might be linked to bankruptcies in the crypto industry, hinting at a possible stabilization shortly. 

The market turbulence coincides with Bitcoin’s price volatility, compounded by geopolitical events such as Iran’s retaliatory actions against Israel and anticipation surrounding Bitcoin’s halving event on April 20.

GBTC Sees $643M Outflow in a Day as Bitcoin Price Drops Below $65K@Grayscale’s spot Bitcoin ETF, GBTC, has seen the biggest outflow as Bitcoin price continues to drop.#CryptoNews #BTChttps://t.co/FzRvmasSNV

— Cryptonews.com (@cryptonews) March 19, 2024

Further insights shed light on the magnitude of outflows from GBTC, reaching as high as $643 million, while other ETF products saw modest inflows. Grayscale plans to gradually reduce fees on its flagship product to combat this outflow. CEO Michael Sonnenshein anticipates fee reductions as the market matures, acknowledging the expected outflows as investors take advantage of profit-taking opportunities and unwind positions tied to bankruptcies.

Bitcoin Price Continues to Decline Amidst Outflows and Speculations


While Bitcoin has shown resilience by trading slightly below $64,000, it starkly contrasts the recent boom fueled by the approval of Hong Kong Spot ETFs. However, the cryptocurrency faces downward pressure primarily due to significant outflows and lingering uncertainty in the market.

Adding to the downward pressure on Bitcoin is the liquidation by Bitcoin miners in the days preceding and following the halving event. This continuous selling exerts pressure on the cryptocurrency market, influencing price movements and the overall decline.

Analysts anticipate this selling pressure to persist for weeks and months, potentially leading to a sideways movement in Bitcoin’s price during this period. They claim this is a historical pattern observed during previous halving cycles, and a bullish trend is expected after that.

The post GBTC Continues to Lead Outflows as Bitcoin Spot ETFs See Net Outflow of $58M appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer: Oracleofomahasays.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Oracleofomahasays.com