Bitcoin Price Maintains $70,500 as GBTC Net Outflows Exceed $14.1 Billion
The price of Bitcoin has maintained a level around $70,500 despite recent outflows from spot ETFs.
At the time of writing, the leading cryptocurrency is trading at $70,584, up by 5.12% over the past 24 hours, according to data from CoinMarketCap.
The flagship cryptocurrency is up by almost 9% over the past week and by around 37% over the past month. It is just 4.6% away from its all-time high of $73,750 registered on March 14.
Bitcoin’s current price stability around $70,500 comes amidst the backdrop of significant outflows from the Grayscale Bitcoin Trust (GBTC).
According to data from Farside , GBTC has seen more than $14.1 billion in outflows since the fund was converted from a trust to an ETF.
Furthermore, the US spot bitcoin ETFs experienced a continuous streak of net outflows for five consecutive days. The outlflow streak ended on Monday with spot bitcoin ETFs reporting a net inflow of $15.4 million.
According to data from BitMEX Research, these funds witnessed a total of $888 million in investor withdrawals over the course of the last week.
The largest outflows occurred on March 19 and March 20, with $326 million and $262 million leaving the funds, respectively.
However, the pace of net outflows gradually slowed down later in the week, with $94 million withdrawn on Thursday and $52 million on Friday.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) reported its lowest single-day flow total on Friday, with a meager $19 million.
Alongside the Fidelity Wise Origin Bitcoin ETF, both IBIT and Fidelity’s offering managed to attract net inflows during each of their first 50 days of trading, an accomplishment that has not been seen before in the realm of new ETFs.
This recent outflow streak represents
Read more on cryptonews.com
