Fun

Bitcoin price clear for new record high as GBTC outflows drop to $170M

News Feed - 2024-03-23 08:03:06

William Suberg12 hours agoBitcoin price clear for new record high as GBTC outflows drop to $170MBitcoin faces its “biggest headwind” in the form of GBTC outflows, but the good times could be back for BTC price action after next week, predictions say.8597 Total views41 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) could already be seeing “momentum turning” as institutional BTC outflows recede.


The latest data from sources, including United Kingdom-based investment firm Farside shows the Grayscale Bitcoin Trust (GBTC) losing just $170 million on March 22.BTC price consolidating before all-time high retest?


The United States Spot Bitcoin exchange-traded funds (ETFs) have been at the center of attention for arguably the wrong reasons this week.


Inflows have declined significantly versus the start of March, while GBTC outflows hit record highs, producing five consecutive days of net reductions in assets under management (GBTC).


The timing appears not to be random — as Cointelegraph reported, bankrupt crypto lender Genesis is rumored to have been selling its GBTC position throughout the week.


Should this now have concluded, downward pressure on ETF trends could ease.


“Net flows out of the Bitcoin ETFs dropped to -$51.6mil yesterday, helped by a big slowdown in GBTC selling,” investor and entrepreneur Alistair Milne noted on X about the flows data.“Momentum turning?”Bitcoin ETF flows (screenshot). Source: Farside


The pivot point theory is also shared by statistician Willy Woo, creator of on-chain data resource Woobull.


In a recent X post, Woo revealed a new model comparing ETF inflows with BTC price action. While he did not give specific information on which data is used for the metric, he suggested that the most intense phase of offloading might be over.


“According to this new model I’ve been playing with, the worse of the sell down in this first phase of the consolidation may be over,” he commented.“I’m kinda expecting consolidation to run right into the halvening, thus more choppiness through April.”Bitcoin Inflow Model. Source: Willy Woo


Pseudonymous commentator WhalePanda agreed on the outlook.


In his own assessment of the week’s flows, he remained optimistic on near-term BTC price action, suggesting that tailwinds for a return to price discovery could be in place by next week.


“Now we"ll most likely have a sideways weekend and potentially consolidate a bit more next week before the path up to new ATH,” he wrote.“Lots of people shaken out, lots of people waiting for lower. With current emission schedule at $64k we need $57.6 million of inflows per day to scoop up the daily mined coins. In less than a month with halving that total is $28.8 million.”GBTC is Bitcoin’s “biggest headwind”


Others were more critical of GBTC, which now retains barely half of the AUM it had when it converted to an ETF in January.


Related: Bitcoin price retests $63K despite GBTC outflows dropping below $100M


“The whole ecosystem is going to be much healthier when GBTC has zero AUM,” crypto author and educator Vijay Boyapati argued on March 23.“It was the product at the center of the 2022 market collapse and it"s the product whose net outflows are the biggest headwind to Bitcoin now.”


As a whole, the spot Bitcoin products represent the most successful ETF launch in history. Since they began trading, cumulative flows have reached $12.15 billion.


Earlier, Cathie Wood, CEO of one of the ETF providers, ARK Invest, said that the bulk of institutional exposure is still to come.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# ETF# Markets# GBTC# PredictionsAdd reactionAdd reactionRead moreBitcoin ETF demand could rise as prices drop — CryptoQuant CEOPrice analysis 3/22: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TONBitcoin traders anticipate volatility as BTC futures open interest tops $36B

News Feed

Vitalik Buterin proposes faster Ethereum trades with single-slot finality
Helen Partz10 hours agoVitalik Buterin proposes faster Ethereum trades with single-slot finalityEthereum co-founder Vitalik Buterin proposed moving away from Ethereum’s epoch-and-slot mechanism to a single-slot finalit
Artists and Activists Turn to NFT Sales to Support the Ukrainian People
Artists and Activists Turn to NFT Sales to Support the Ukrainian People NFTs are showing the brighter side of humanity as real support transcends the boundaries of nations and reac
Crypto Exchange Coinbase Slows Hiring Amid Market Downturn
Crypto Exchange Coinbase Slows Hiring Amid Market Downturn Leading U.S. crypto exchange Coinbase is slowing hiring, citing the current down cycle in the market as a reason to rethi
2TM, Mercado Bitcoin’s Holding Company, Raises $50.3 Million in Second Closing of Series B Funding Round
2TM, Mercado Bitcoin"s Holding Company, Raises $50.3 Million in Second Closing of Series B Funding Round 2TM, a Brazilian fintech unicorn that is the holding company of Mercado Bit
FTX Debtors Report $8.9B Shortfall in Customer Funds and ‘Highly Commingled’ Assets in Latest Presentation
FTX Debtors Report $8.9B Shortfall in Customer Funds and "Highly Commingled" Assets in Latest Presentation On March 2, 2023, FTX debtors released their second stakeholder presentat
75% of all Bitcoin has been hodled for over 6 months
Martin Young5 hours ago75% of all Bitcoin has been hodled for over 6 monthsDespite Bitcoin dropping 21% from its all-time high, the majority of Bitcoin held in wallets hasn’t been sold or moved for the last six months.
7 Startups Join Mastercard Program to Make Cryptocurrency More Accessible
7 Startups Join Mastercard Program to Make Cryptocurrency More Accessible Payments giant Mastercard has added seven startups to its Start Path program to make cryptocurrencies more
Best Crypto Presales to Buy Now for 100x — Larry Fink’s $700K Bitcoin Prediction
BlackRock, one of the biggest investment companies in the world, has given crypto enthusiasts a new reason to be excited. Its CEO, Larry Fink, has said that Bitcoin can be expected to make huge price moves, potentially r
Frodo Tech Aims to Create Environmentally-Friendly Blockchain Ecosystem That Is Open to Everyone
Frodo Tech Aims to Create Environmentally-Friendly Blockchain Ecosystem That Is Open to Everyone sponsored Frodo Tech aims to create an environmentally-friendly blockchain ecosystem
Bitcoin Short-Term Holders In Extreme Panic And Fear — What This Means
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Former US Regulator Likens FTX and Sam Bankman-Fried to Bernie Madoff and His Ponzi Scheme
Former US Regulator Likens FTX and Sam Bankman-Fried to Bernie Madoff and His Ponzi Scheme Former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair likens the fall of
Recruiting Agencies in Japan Are Turning to the Metaverse
Recruiting Agencies in Japan Are Turning to the Metaverse The metaverse is making inroads in job recruiting fronts in Japan. According to local reports, a mega metaverse job fair w