On Friday, April 12th, spot Bitcoin ETFs witnessed a net outflow of $55 million, marking a reversal after two consecutive days of inflows totaling nearly $215 million.
Data from SoSo Value reveals that the largest outflow on Friday originated from Grayscale’s GBTC, with $166 million withdrawn. This trend of outflows from GBTC, particularly notable ahead of the halving, continued as the ETF saw a withdrawal of $154.9 million on Monday, April 8th. Conversely, the largest inflow on Friday was seen in BlackRock IBIT, attracting $111 million.
The impact of Friday’s outflow was evident in the crypto market, with Bitcoin experiencing a nearly 5% drop in the past 24 hours, plummeting to $65,000. The overall market followed suit, witnessing liquidations totaling nearly $900 million.
Last week, Bitcoin ETFs recorded three days of net outflows, totaling $298.4 million. Despite the continuous outflows from GBTC, Grayscale’s CEO, Michael Sonneshein, maintains optimism, suggesting that withdrawals from GBTC may be reaching equilibrium and will slow significantly as Grayscale reduces its Bitcoin ETF fees.
These ongoing outflows from the ETF market could also be attributed to a pre-halving pullback. There is a prevailing anticipation that the Bitcoin halving typically precedes a larger bull market for the cryptocurrency. Hence, investors may be taking short-term profits while awaiting opportunities to reinvest during market dips.
However, there’s also a sense of caution among investors regarding the potential outcomes of the halving, with some speculating that BTC may have already reached its peak following the approval of ETFs earlier in the year, as suggested by Marathon Digital.
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