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Bitcoin Price Maintains $70,500 as GBTC Net Outflows Exceed $14.1 Billion

Despite recent outflows from spot ETFs, the price of Bitcoin has remained relatively stable around $70,500.

As of the current moment, the primary cryptocurrency is being traded at $70,584, marking a notable increase of 5.12% within the last 24 hours, as reported by CoinMarketCap.

Over the span of the past week, Bitcoin has witnessed a nearly 9% surge, and its value has escalated by approximately 37% throughout the last month. Notably, it is only 4.6% shy of its peak value of $73,750 recorded on March 14th.

Bitcoin Maintains Momentum Despite GBTC Outflows

Against the backdrop of substantial outflows from the Grayscale Bitcoin Trust (GBTC), Bitcoin’s current stability around $70,500 is noteworthy.

Farside data reveals that since the transition of the fund from a trust to an ETF, GBTC has encountered over $14.1 billion in outflows.

Moreover, US spot bitcoin ETFs have observed a continuous string of net outflows spanning five consecutive days. However, this streak came to a halt on Monday, as spot bitcoin ETFs recorded a net inflow of $15.4 million.

BitMEX Research data indicates that these funds have collectively experienced investor withdrawals totaling $888 million over the past week.

March 19 and March 20 marked the peak of outflows from the funds, with $326 million and $262 million exiting, respectively. However, as the week progressed, the pace of net outflows gradually tapered off, with $94 million withdrawn on Thursday and $52 million on Friday.

Noteworthy is the fact that BlackRock’s iShares Bitcoin Trust (IBIT) recorded its lowest single-day flow total on Friday, a mere $19 million.

In a remarkable feat, both IBIT and Fidelity’s offering, the Fidelity Wise Origin Bitcoin ETF, managed to attract net inflows during each of their initial 50 days of trading, a milestone unprecedented in the world of new ETFs.

This recent streak of outflows marks the first instance of five consecutive days of net outflows within the sector. This follows a record-breaking week where the ETFs encountered a surge of $2.5 billion in net inflows, underscoring the inherently volatile nature of the cryptocurrency market.

Grayscale Outflows Might be Nearing End

Analysts are optimistic that the trend of outflows from Grayscale’s fund could soon reverse. Senior Bloomberg ETF analyst Eric Balchunas suggested that the bulk of the outflows might be linked to bankruptcies within the crypto industry, indicating that the worst might be nearing its end. He further proposed that any outflows from prominent industry players like Gemini or Genesis are likely being used to purchase Bitcoin, thereby lending support to the market.

“Takeaway: the worst is probably close to being over. Once it is, only retail will be left and flows should resemble more like the February trickle,” Balchunas remarked on X.

Similarly, independent researcher ErgoBTC pointed out that approximately $1.1 billion worth of recent GBTC outflows appear to be associated with the bankrupt crypto lender Genesis. “Resulting activity volumes and timings of funds out of GBTC and into Genesis match pretty well,” Ergo noted. “Simply put, there aren’t that many 2k BTC transactions per day, so it’s likely that the GBTC outflows and Genesis inflows are correlated.”

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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