Outflows of GBTC tend to add pricing pressure to bitcoin because of increased selling
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/FT5GEH6ZEZH4HGUXOQB765LK54.png "BTC Maintains $65K as GBTC Outflows Hit Highest Level Ever (2)")
Bitcoin remains above $65,000 despite highest-ever GBTC outflows.
GBTC outflows are occurring due to high fees and ETF competition.
Bitcoin (BTC) is down 4% and trading above $65,000 as the selling of Grayscale Bitcoin Trust (GBTC) shares hit its highest level ever.
According to data compiled by BitMEX research, outflow from GBTC hit $643 million on March 18.
Data from investment firm Farside shows that there's a net outflow from bitcoin ETFs in general to the tune of $154 million. The iShares bitcoin ETF (IBIT) saw the most inflow of $451.5 million, while the remaining products had inflow of approximately $36.7 million.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/QX277KK22JDPNCL7AWCURRB2HA.png "BTC Maintains $65K as GBTC Outflows Hit Highest Level Ever (3)")
Since the launch of bitcoin exchange-traded funds (ETFs) earlier this year, there have been significant outflows from GBTC – which recently converted into an ETF – because of its higher fees. This selling puts pressure on the price of bitcoin.
A recent note from CryptoQuant says that selling pressure is also coming from short term holders of bitcoin taking profit on recent gains.
Over the last week bitcoin is down 8.5%, according to CoinDesk Indicies data, but remains up 27% over the past 30 days.
Disclosure
Please note that our
and
do not sell my personal information
has been updated
.
CoinDesk is an
media outlet that covers the cryptocurrency industry. Its journalists abide by a
strict set of editorial policies.
In November 2023
by the Bullish group, owner of
a regulated, digital assets exchange. The Bullish group is majority-owned by
Block.one; both companies have
in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/ff7c302f-d3ab-4905-92e1-2f7f5106d13c.png "BTC Maintains $65K as GBTC Outflows Hit Highest Level Ever (4)")
