Bitcoin bounces back as Grayscale ETF outflows hit new record low

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Outflows from the Grayscale Bitcoin Trust (GBTC) have hit a new record low, down almost 90% from the previous day, coinciding with a rebound in Bitcoin (BTC) after new United States inflation data triggered volatility. 

On April 10, GBTC saw outflows of $17.5 million, a significant decrease compared to the $154.9 million outflows recorded on April 9, as per Farside data.

Alongside this, Bitcoin’s price has increased 2.08% over the past 24 hours, currently standing at $70,474, as per CoinMarketCap data.

Within the same time-frame, it briefly hit local lows of $67,482 following the release of the U.S. Consumer Price Index (CPI) for March, which came in at 3.5% year-on-year. This led to worries that the Federal Reserve might further delay interest rate cuts.

Bitcoin’s price has hovered between $65,600 and $72,668 over the past 7 days. Source: CoinMarketCap

Some crypto commentators are again sharing hope it could be the start of the slowdown in GBTC outflows, which have amounted to $16 billion in outflows since GBTC was converted to a spot Bitcoin ETF in January. 

“GBTC selling over?” CEO of crypto-focused reviews portal Apollo Thomas Fahrer asked his 41,500 X followers in an April 11 post.

Fahrer further pointed out that the April 10 outflows are equivalent to roughly 250 Bitcoin, almost a 95% decrease in outflows from the start of the week.

Only days ago, on April 8, Grayscale witnessed outflows equivalent to 4,288 Bitcoin at a total of $303 million.

Source: Thomas Fahrer

The previous low was on Feb. 26 when GBTC outflowed $22.4 million. The daily GBTC outflows average across the four months is $257.8 million.

Fidelity Wise Origin Bitcoin Fund (FBTC) recorded $76.3 million in inflows, iShares Bitcoin Trust (IBIT) saw $33.3 million, Bitwise Bitcoin ETF (BITB) saw $24.3 million, and ARK 21Shares Bitcoin ETF (ARKB) experienced inflows of $7.3 million.

Recently, bankrupt crypto lending firm Genesis offloaded approximately 36 million GBTC shares to acquire 32,041 Bitcoin.

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