Sell-off Over? GBTC Sees Record Low Net Outflow as Bitcoin Bounces Back to $71K

Table of Contents

GBTC Net Outflow Hits Historic Low

SoSo Value data shows that the Bitcoin spot ETF saw two consecutive days of net inflows, totaling $123 million on April 10th.

Earlier, the Grayscale CEO also stated that he believes the outflow of GBTC has reached a certain balance.

Grayscale CEO: GBTC Net Outflow Gradually Balancing, Expected to Reduce Fees

Among them, GBTC only had an outflow of -$17.5 million, setting a new low since its launch. The top three lowest net outflows for GBTC are as follows:

1. 4/10: -$17.5 million

2. 2/26: -$22.37 million

3. 2/23: -$44.25 million

The ETF data for April 10th is as follows, from highest to lowest:

• Grayscale GBTC: -$17.5 million

• Fidelity FBTC: $76.31 million

• BlackRock IBIT: $33.27 million

• Bitwise BITB: $24.27 million

• Ark ARKB: $7.3 million

Bitcoin Briefly Surpasses 71K

Wednesday's announcement of the March Consumer Price Index exceeded expectations. This month, CPI rose by 0.4%, with a 12-month inflation rate of 3.5%. Economists had expected increases of 0.3% and 3.4% compared to the previous year.

The core CPI also rose by 0.4% month-on-month, up 3.8% from the same period last year, with predicted rates of 0.3% and 3.7%. Bitcoin briefly fell to $67,506 on the 10th, and investors' expectations of a rate cut this year also declined.

However, Bitcoin later rose to a high of $71,190.

Hedge fund QCP Capital told CoinDesk:

The rebound indicates potential demand for Bitcoin, with investors seeing the dip as a buying opportunity. Despite the downturn, there is still strong demand for long-term BTC call options, indicating deep-seated bullish sentiment toward Bitcoin.