Bitcoin Surges as Grayscale Sees Less Than $100M in Outflows for Third Consecutive Day
The price of Bitcoin (BTC) has surged above the $67,000 mark amid declining outflows from Grayscale’s Bitcoin ETF (GBTC).
According to data from Farside , GBTC saw $79.3 million in outflows on Thursday, marking the third consecutive day of less than $100 million in withdrawals.
Grayscale saw outflows totaling $81.9 million and $75.1 on Tuesday and Wednesday, respectively, a notable decline from $302.6 million recorded on Monday.
Spot Bitcoin ETFs have also seen net inflows over the past three days amid declining Grayscale outflows.
On Thursday, the combined net outflow for Bitcoin spot ETFs reached $106 million, even without considering Fidelity’s ETF FBTC data which is not available as of this writing.
BlackRock’s ETF IBIT saw a net inflow of $144 million, with other funds registering another $40 million in inflows.
Last week, Spot Bitcoin ETFs saw approximately $850 million in net inflows, followed by $85 million in outflows on April 1 and $40 million in inflows on April 2.
Overall, Bitcoin spot ETFs have attracted a cumulative net inflow of $12.3 billion.
inflow slowed down however still pretty even keeled as grayscale simultaneously tapered back their outflows this past week..
volatility in price more or less this week likely more caused by spikes in open interest with leverage players that are necessary to flush in both sides https://t.co/NFtvL4PSuZ pic.twitter.com/oSl1xUccJ6
— Nexus_BladeRunner (@NXS_BladeRunner) April 5, 2024
The positive flows in Bitcoin ETFs coincide with a surge in the price of Bitcoin, which surged to as high as $69,291 over the past day before trimming gains.
As of now, the leading cryptocurrency is trading at around $67,000, up by almost 2% over the past day.
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