🛑*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,
