Bitcoin price retests $63K despite GBTC outflows dropping below $100M
Bitcoin bulls fail to catch a break as BTC price weakness defies a slowdown in GBTC offloading.
5346
29
3:03
Bitcoin price retests $63K despite GBTC outflows dropping below $100M
MARKET UPDATE
Own this piece of crypto history
Collect this article as NFT
Join us on social networks
Bitcoin
tickers down
$64,769
plugged intraday lows at the March 22 Wall Street open despite lower outflows from the Grayscale Bitcoin Trust (GBTC).
BTC/USD 1-hour chart. Source: TradingView
GBTC sees cooling outflows
Data from Cointelegraph Markets Pro and TradingView tracked limp BTC price performance as $63,000 returned to the radar.
The largest cryptocurrency failed to hold higher levels, which resulted from an earlier rebound, with its old 2021 all-time highs at $69,000 staying unchallenged.
The dayâs flows into and out of the United States spot Bitcoin exchange-traded funds (ETFs) began promisingly. GBTC saw just $96 million in outflows, per initial data from crypto intelligence firm Arkham â less than a third of the tally at the start of the week.
So far, every day this week has seen net outflows from the spot ETFs â a unique time in their short history.
