- Bitcoin (BTC) remains above $65,000 despite experiencing the highest-ever outflows from the Grayscale Bitcoin Trust (GBTC).
- GBTC outflows reached $643 million on March 18, primarily due to high fees and competition from Bitcoin exchange-traded funds (ETFs).
- Data from investment firm Farside indicates a net outflow from bitcoin ETFs, with the iShares bitcoin ETF (IBIT) seeing the most inflow.
- The launch of bitcoin ETFs earlier this year has led to significant outflows from GBTC, contributing to selling pressure on the price of bitcoin.
- Short-term bitcoin holders taking profit on recent gains also contribute to selling pressure, as noted by CryptoQuant.
- Despite a recent 8.5% decline over the last week, bitcoin remains up 27% over the past 30 days, according to CoinDesk Indices data.
