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BTC Maintains $65K as GBTC Outflows Hit Highest Level Ever
Outflows of GBTC tend to add pricing pressure to bitcoin because of increased selling
- Bitcoin remains above $65,000 despite highest-ever GBTC outflows.
- GBTC outflows are occurring due to high fees and ETF competition.
Bitcoin (BTC) is down 4% and trading above $65,000 as the selling of Grayscale Bitcoin Trust (GBTC) shares hit its highest level ever.
According to data compiled by BitMEX research, outflow from GBTC hit $643 million on March 18.
STORY CONTINUES BELOW
Bitcoin ETF Flow - 18 March 2024
— BitMEX Research (@BitMEXResearch) March 18, 2024
GBTC Outflow $643m
Data from investment firm Farside shows that there's a net outflow from bitcoin ETFs in general to the tune of $154 million. The iShares bitcoin ETF (IBIT) saw the most inflow of $451.5 million, while the remaining products had inflow of approximately $36.7 million.
Since the launch of bitcoin exchange-traded funds (ETFs) earlier this year, there have been significant outflows from GBTC – which recently converted into an ETF – because of its higher fees. This selling puts pressure on the price of bitcoin.
A recent note from CryptoQuant says that selling pressure is also coming from short term holders of bitcoin taking profit on recent gains.
Over the last week bitcoin is down 8.5%, according to CoinDesk Indicies data, but remains up 27% over the past 30 days.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
