Bitcoin ETF GBTC Records Net Outflows of $124.9 Million as Bitcoin Price Remains Stable above $70,000
Despite a significant amount of fund outflows from Grayscale’s GBTC ETF, the price of Bitcoin remains stable. Yesterday, $124.9 million was withdrawn from GBTC, making it the leader in outflows for the day.
This comes as the prevailing belief in the market is that these outflows are putting downward pressure on the price of Bitcoin. However, BTC continues to trade at a high level, briefly surpassing $70,900, thereby questioning the thesis that outflows would lead to a price drop.
Other Bitcoin ETFs Absorb Grayscale’s Sales
In comparison, other Bitcoin Spot ETFs have recorded net inflows, albeit modest ones. Fidelity’s FBTC ETF saw $4.6 million flow in, while $11.1 million was invested in Bitwise’s BITB ETF. Market leader BlackRock’s IBIT remains far ahead for this Thursday, with $192 million in net inflows.
The higher fee structure of GBTC could explain why fund outflows are anticipated by some market participants, despite the potential negative impact on the price of Bitcoin. The trust placed in BlackRock may also explain a potential transfer of BTC sold by Grayscale to end up in Larry Fink’s IBIT ETF.
