- April 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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Record Low Outflows for Grayscale Bitcoin Trust (GBTC)
The Grayscale Bitcoin Trust (GBTC), an exchange-traded fund, has experienced a significant drop in outflows, reaching a record low that was nearly 90% lower than the previous day. This unprecedented shift occurred simultaneously with Bitcoin’s price rebound after the latest United States inflation data was released, introducing volatility into the market.
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Latest Data and Market Trends
On April 10, GBTC experienced outflows amounting to $17.5 million, a stark contrast to the $154.9 million recorded on April 9, based on data from Farside. The price of Bitcoin has seen a 2.08% increase over the last 24 hours, now valued at $70,542, according to CoinMarketCap. This rise followed a dip to local lows of $67,482 after the March U.S. Consumer Price Index (CPI) report indicated a higher-than-anticipated 3.5% year-on-year increase, raising concerns about the U.S. Federal Reserve’s interest rate decisions.
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Optimism and Speculation in the Crypto Industry
Crypto industry observers have expressed optimism that the slowdown in GBTC outflows, which have totaled $16 billion since the fund transitioned to a spot Bitcoin ETF in January, may be beginning. Thomas Fahrer, CEO of the crypto-focused reviews portal Apollo, highlighted the decrease in outflows and questioned if “GBTC selling [is] over?”
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Bitcoin Halving and Market Expectations
The upcoming Bitcoin halving, expected around April 20, is another focal point for the market. The event will halve the Bitcoin block issuance rate, historically leading to a surge in Bitcoin’s price due to reduced supply growth. With the current enthusiasm around spot Bitcoin ETFs, the market anticipates even greater demand, potentially intensifying the rally.
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