Bitcoin Faces Correction as GBTC Investors Unload Almost $600 Million

Bitcoin's value took a hit amidst substantial outflows from Grayscale's ETF on a significant day. JPMorgan analysts predict additional price corrections following the upcoming halving event.

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Bitcoin experienced a 3% decline from its 24-hour peak as investors pulled a substantial $598.9 million from Grayscale’s spot Bitcoin exchange-traded fund (ETF) on February 29, marking the second-largest net outflow on record. Despite reaching a high of $63,585 early on February 29, Bitcoin has retreated approximately 3.3% to hover just below $61,500.

The retreat coincides with Grayscale Bitcoin Trust (GBTC), the recently converted ETF managed by Grayscale, witnessing daily net outflows nearly reaching $600 million on February 29, according to preliminary Farside Investor data. This figure is only surpassed by the record-setting net outflow of $640.5 million recorded on January 22.