BTC remains at $65K while GBTC outflows reach their highest level ever.
Despite experiencing the highest-ever outflows from Grayscale Bitcoin Trust (GBTC), Bitcoin remains resilient above the $65,000 mark. GBTC outflows are attributed to elevated fees and increased competition from ETFs. Bitcoin, down by 4%, continues to trade above $65,000, with GBTC witnessing a record outflow of $643 million on March 18, as per BitMEX Research data. Additionally, data from investment firm Farside indicates a net outflow from bitcoin ETFs totaling $154 million. Among these, the iShares bitcoin ETF (IBIT) recorded the highest inflow of $451.5 million, while other products saw approximately $36.7 million in inflows.
Since the introduction of bitcoin exchange-traded funds (ETFs) earlier this year, notable outflows have been observed from GBTC, which recently transitioned into an ETF, primarily due to its elevated fees. This selling activity exerts downward pressure on the price of bitcoin.
According to a recent report from CryptoQuant, selling pressure is further compounded by short-term bitcoin holders capitalizing on recent gains.
Over the past week, bitcoin has experienced an 8.5% decline, as per CoinDesk Indices data, although it retains a 27% increase over the past 30 days.
