Bitcoin remains above $65,000 despite highest-ever GBTC outflows.

GBTC outflows are occurring due to high fees and ETF competition.

Bitcoin {{BTC}} is down 4% and trading above $65,000 as the selling of Grayscale Bitcoin Trust (GBTC) shares hit its highest level ever.

According to data compiled by BitMEX research, outflow from GBTC hit $643 million on March 18.

Bitcoin ETF Flow - 18 March 2024GBTC Outflow $643m

— BitMEX Research (@BitMEXResearch) March 18, 2024

Data from investment firm Farside shows that there's a net outflow from bitcoin ETFs in general to the tune of $154 million. The iShares bitcoin ETF (IBIT) saw the most inflow of $451.5 million, while the remaining products had inflow of approximately $36.7 million.

Since the launch of bitcoin exchange-traded funds (ETFs) earlier this year, there have been significant outflows from GBTC – which recently converted into an ETF – because of its higher fees. This selling puts pressure on the price of bitcoin.

A recent note from CryptoQuant says that selling pressure is also coming from short term holders of bitcoin taking profit on recent gains.

Over the last week bitcoin is down 8.5%, according to CoinDesk Indicies data, but remains up 27% over the past 30 days.