{"id":600353,"date":"2024-03-29T17:00:56","date_gmt":"2024-03-29T17:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=600353"},"modified":"2024-06-11T07:56:16","modified_gmt":"2024-06-11T07:56:16","slug":"bitcoin-etf-sees-60-drop-outflows","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-etf-sees-60-drop-outflows\/","title":{"rendered":"Grayscale Bitcoin ETF Sees Drastic 60% Drop In Outflows, Why This Is Important"},"content":{"rendered":"

The outflows from the Grayscale Bitcoin ETF<\/a> rocked the market hard last week, leading to a dramatic decline in the BTC price. However, with the new week, there has been a change in direction as investors begin to get bullish on Bitcoin once more. As a result, the outflows from the Grayscale ETF<\/a> have slowed down, reaching one of its lowest points for the month.<\/p>\n

Grayscale Bitcoin ETF Outflows Drop 60%<\/h2>\n

Grayscale outflows ramped up last week, spearheading what would turn out to be a full week of outflows from Spot Bitcoin ETFs<\/a> for the first time ever. The outflows rose rapidly over the week, even moving into the new week. However, inflows into Spot Bitcoin ETFs have been on the rise, which have overshadowed the outflows from GBTC.<\/p>\n

Related Reading: Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally<\/a><\/div>\n

Despite the outflows from the GBTC<\/a> continuing, it has begun to spin into a more positive narrative as the number of BTC flowing out of the fund is declining fast. To put this in perspective, data shows<\/a> there was 299.8 BTC moved out of the fund on Wednesday, March 27, and on Thursday, March, 20204, this figure dropped to 104.9 BTC, representing a 60% drop.<\/p>\n

This marks the second day with the lowest outflows from the Grayscale Bitcoin ETF right behind the March 12 outflows of 79 BTC. It also points to a decline in the volume of outflows as investors start to level out and find their footing elsewhere.<\/p>\n

Nevertheless, the GBTC has remained the loser of the Spot Bitcoin ETF race, nursing a full month of outflows so far<\/a>. Since the ETFs were first approved in January until now, there has been more than $14.6 billion moved out of the fund, which accounts for around 50% of its total balance. These BTC have presumably found a home in other Spot ETF<\/a> funds which have been seeing massive inflows.<\/p>\n

Unlike last week, inflows have also dominated Spot Bitcoin ETFs this week. Total inflows for the week crossed above $800 million, bringing the total Assets Under Management (AuM) to almost $57 billion in less than three months.<\/p>\n

Why This Could Trigger A BTC Price Rally<\/h2>\n

The last time that GBTC outflows<\/a> saw a slowdown after rising for about a week, it triggered a response from the Bitcoin price in the form of a rally. Inflows also continued to dominate for the next couple of weeks and during this time, the BTC price enjoyed a long stretch of recovery. It went from $40,000 to over $70,000 in the space of two months.<\/p>\n

Related Reading: Dogecoin Holder Base Reaches New Record Amid Surge In Interest<\/a><\/div>\n

If this trend repeats itself this time around, then another massive BTC price rally could be around the corner. A similar price increase would also put Bitcoin right above $100,000<\/a> in the next few months. In this case, the uptrend would be far from over.<\/p>\n

At the time of writing, Bitcoin is still struggling to break $70,000 after a 1% drop in the last day.<\/p>\n

\"Bitcoin<\/p>\n

BTC price jumps above $70,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Which.co.uk, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The outflows from the Grayscale Bitcoin ETF rocked the market hard last week, leading to a dramatic decline in the BTC price. However, with the new week, there has been a change in direction as investors begin to get bullish on Bitcoin once more. As a result, the outflows from the Grayscale ETF have slowed down, reaching one of its lowest points for the month. Grayscale Bitcoin ETF Outflows Drop 60% Grayscale outflows ramped up last week, spearheading what would turn out to be a full week of outflows from Spot Bitcoin ETFs for the first time ever. The outflows rose rapidly over the week, even moving into the new week. However, inflows into Spot Bitcoin ETFs have been on the rise, which have overshadowed the outflows from GBTC. Related Reading: Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally Despite the outflows from the GBTC continuing, it has begun to spin into a more positive narrative as the number of BTC flowing out of the fund is declining fast. To put this in perspective, data shows there was 299.8 BTC moved out of the fund on Wednesday, March 27, and on Thursday, March, 20204, this figure dropped to 104.9 BTC, representing a 60% drop. This marks the second day with the lowest outflows from the Grayscale Bitcoin ETF right behind the March 12 outflows of 79 BTC. It also points to a decline in the volume of outflows as investors start to level out and find their footing elsewhere. Nevertheless, the GBTC has remained the loser of the Spot Bitcoin ETF race, nursing a full month of outflows so far. Since the ETFs were first approved in January until now, there has been more than $14.6 billion moved out of the fund, which accounts for around 50% of its total balance. These BTC have presumably found a home in other Spot ETF funds which have been seeing massive inflows. Unlike last week, inflows have also dominated Spot Bitcoin ETFs this week. Total inflows for the week crossed above $800 million, bringing the total Assets Under Management (AuM) to almost $57 billion in less than three months. Why This Could Trigger A BTC Price Rally The last time that GBTC outflows saw a slowdown after rising for about a week, it triggered a response from the Bitcoin price in the form of a rally. Inflows also continued to dominate for the next couple of weeks and during this time, the BTC price enjoyed a long stretch of recovery. It went from $40,000 to over $70,000 in the space of two months. Related Reading: Dogecoin Holder Base Reaches New Record Amid Surge In Interest If this trend repeats itself this time around, then another massive BTC price rally could be around the corner. A similar price increase would also put Bitcoin right above $100,000 in the next few months. In this case, the uptrend would be far from over. At the time of writing, Bitcoin is still struggling to break $70,000 after a 1% drop in the last day. BTC price jumps above $70,000 | Source: BTCUSD on Tradingview.com Featured image from Which.co.uk, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":600367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,656,679,1119,89185,1122,1144,78790,84647],"class_list":["post-600353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nGrayscale Bitcoin ETF Sees Drastic 60% Drop In Outflows, Why This Is Important<\/title>\n<meta name=\"description\" content=\"The outflows from the Grayscale Bitcoin ETF rocked the market hard last week, leading to a dramatic 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Grayscale Bitcoin ETF Sees Drastic 60% Drop In Outflows, Why This Is Important","url":"http:\/\/wncen.com\/news\/bitcoin-etf-sees-60-drop-outflows\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-etf-sees-60-drop-outflows\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/Bitcoin_14199c.jpeg?resize=200%2C183","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/Bitcoin_14199c.jpeg?fit=275%2C183"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","spot bitcoin etf"],"dateCreated":"2024-03-29T17:00:56Z","datePublished":"2024-03-29T17:00:56Z","dateModified":"2024-06-11T07:56:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Grayscale Bitcoin ETF Sees Drastic 60% Drop In Outflows, Why This Is Important\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-etf-sees-60-drop-outflows\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-etf-sees-60-drop-outflows\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin_14199c.jpeg?resize=200%2C183\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin_14199c.jpeg?fit=275%2C183\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"spot bitcoin etf\"],\"dateCreated\":\"2024-03-29T17:00:56Z\",\"datePublished\":\"2024-03-29T17:00:56Z\",\"dateModified\":\"2024-06-11T07:56:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/Bitcoin_14199c.jpeg?fit=275%2C183","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/600353"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=600353"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/600353\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/600367"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=600353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=600353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=600353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}