GBTC ETF Outflows Drop as Bitcoin Rallies

The Grayscale Bitcoin Trust ETF recorded a significant decrease in outflows, coinciding with a Bitcoin price rebound after new U.S. inflation data.
GBTC ETF Outflows Drop as Bitcoin Rallies

Key Takeaways

  • GBTC ETF outflows hit a new record low, down almost 90% from the previous day.
  • Bitcoin's price rebounded after the release of new U.S. inflation data.
  • There is hope for a slowdown in GBTC outflows, with a notable decrease in recent days.

Outflows from the Grayscale Bitcoin Trust (GBTC) ETF hit a new record low, with April 10 seeing outflows of just $17.5 million.

This is a drastic reduction compared to the $154.9 million outflows on April 9, according to Farside data.

Bitcoin’s price rebounds

The price of Bitcoin increased by 2.08% over the past 24 hours, reaching a high of $70,474.

This follows a brief dip to $67,482 after the release of the U.S. Consumer Price Index (CPI) for March, which showed a higher-than-expected 3.5% year-on-year increase.

Hope for a slowdown in GBTC outflows

Some commentators are optimistic about a potential slowdown in GBTC outflows.

Thomas Fahrer, CEO of Apollo, highlighted that the April 10 outflows represent roughly 250 Bitcoin, marking a significant decrease from earlier in the week.

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