Grayscale Bitcoin Trust (GBTC), a digital asset management company, saw a record low daily outflow of $17.5 million on April 10, down nearly 90% from the previous day’s $154.9 million, coinciding with Bitcoin’s rally to $71,064 after US inflation data.
Bitcoin’s price increased by 2.57% in 24 hours, temporarily dropping to $67,482 following the release of the US Consumer Price Index (CPI) for March, which was 3.5% year on year, raising concerns about delayed Fed rate cuts.
Crypto analysts expect a decrease in GBTC outflows, which have totaled $16 billion since the spot Bitcoin ETF conversion in January. Apollo’s CEO, Thomas Fahrer, advised this adjustment, citing a 95% decline in outflows since the beginning of the week.
Grayscale experienced $303 million in outflows on April 8, the highest since February 26th, when it was $22.4 million. Over the last four months, the daily average outflow has been $257.8 million.
In comparison, Fidelity Wise Origin Bitcoin Fund (FBTC) received $76.3 million in inflows, iShares Bitcoin Trust (IBIT) $33.3 million, Bitwise Bitcoin ETF (BITB) $24.3 million, and ARK 21Shares Bitcoin ETF (ARKB) $7.3 million.
Bankrupt Genesis sold 36 million GBTC shares for 32,041 Bitcoin recently. These fluctuations indicate that investor attitude is changing in the face of Bitcoin’s market dynamics and regulatory uncertainty.
