The price of Bitcoin (BTC) hovers around $70,670, remaining relatively stable, as funds transfer out of the Grayscale Bitcoin Trust (GBTC) at an ongoing pace.
Approximately $124.9 million was withdrawn from GBTC this week, whereas FBTC received about $4.6 million and BITB gained $11.1 million. In contrast, IBIT from BlackRock recorded an inflow of approximately $192 million. In total, Bitcoin ETFs experienced outflows amounting to $227.9 million during this week.
Some think GBTC outflows push BTC prices down, but others disagree, noting GBTC’s higher fees naturally lead to outflows. Traders foresee Bitcoin stability in April, with predictions on Polymarket suggesting a 60% chance of BTC reaching $75,000 and a 32% chance of hitting $80,000 by month’s end.
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2024-04-12 11:00