Outflows Drop 60%
Last week, investors were pulling out of the Grayscale Bitcoin ETF (GBTC) at a rapid pace. But this week, things have changed. Outflows have slowed down, reaching one of their lowest points for the month.
On March 27th, 299.8 BTC left the fund. The next day, that number dropped to 104.9 BTC, a 60% decrease. This is the second-lowest outflow day for GBTC since March 12th.
Spot Bitcoin ETFs Gaining Popularity
While GBTC has been losing money, other Spot Bitcoin ETFs have been seeing massive inflows. This week, total inflows for Spot Bitcoin ETFs crossed $800 million.
Potential BTC Price Rally
When GBTC outflows slow down, it often leads to a Bitcoin price rally. If this trend continues, we could see another big surge in the price of BTC.
Conclusion
The slowdown in GBTC outflows is a positive sign for Bitcoin. It suggests that investors are starting to get bullish on the cryptocurrency again. If Spot Bitcoin ETFs continue to see strong inflows, we could see a significant price rally in the coming months.
