GBTC Bleeds Another $443 Million as Bitcoin Price Drops Below $61,000
Bitcoin experienced a significant price collapse amid continued outflows from Grayscale’s converted GBTC spot Bitcoin ETF.
According to data from CoinMarketCap, the leading cryptocurrency dropped to as low as $60,800 on Tuesday, a 17% decline from its all-time high.
The decline in Bitcoin price came after a significant outflow of $643 million from the $25 billion Grayscale Bitcoin Trust (GBTC) on Monday, marking its highest outflow since it transformed into an ETF on January 11.
On Tuesday, these products saw another $326.2 million in net outflows .
Grayscale’s GBTC, in particular, experienced an outflow of $443 million.
In contrast, ETF products from BlackRock and Fidelity recorded modest inflows of $75.2 million and $39.6 million, respectively.
On March 19, the total net outflow of Bitcoin spot ETF was US$326 million, with net outflows lasting two days. Grayscale ETF GBTC had a single-day net outflow of US$443 million. The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock ETF IBIT, with a… pic.twitter.com/jkk3swoF7E
— Wu Blockchain (@WuBlockchain) March 20, 2024
According to data by CoinGlass, long and short traders suffered more than $650 million in losses across major centralized exchanges over the past 24 hours.
More specifically, 189,935 traders have been liquidated, with the total long liquidations coming in at $491 million and short liquidations coming in at around $165 million.
Crypto exchange OKX took the lion’s share of these liquidations at over $271 million, followed by Binance at $229 million and Bybit at around $104 million.
Bitcoin-tracked futures experienced $229 million in both short and long liquidations over the past day while Ethererum-linked futures
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