GBTC Sees $110M in Outflows
Despite the inflows into IBIT, it was unable to surpass the outflows from the Grayscale Bitcoin Trust (GBTC), which experienced $110.1 million in outflows on April 15, slowing down from the $166.2 million outflows on April 14.Â
Across April 12 and 15, all ten spot Bitcoin ETFs collectively witnessed net outflows, amounting to $55.1 million and $36.7 million, respectively.
These recent outflows from U.S. Bitcoin ETFs coincide with a
volatile period for Bitcoin, which has seen an 11.6% decline over the week, trading at around $63,410.
Furthermore, global Bitcoin investment products faced outflows of $110 million in the week ending April 12, indicating investor hesitancy, according to James Butterfill, the head of research at CoinShares.Â
Butterfill noted that all combined crypto investment products experienced net outflows of $126 million last week, although weekly volumes increased from $17 billion to $21 billion.
Bitcoinâs recent plunge to a three-week low of $61,918 can be attributed to Iranâs retaliatory attack on Israel on April 13, which triggered market turbulence.Â
Additionally, as the cryptocurrencyâs halving event approaches on April 20, where its issuance will be halved, traders are closely monitoring its potential impact on Bitcoinâs price movement.
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