GBTC saw a capital outflow of $182 million yesterday, marking the eighth consecutive day of decline. This indicates a slowing trend in capital outflows and a weakening impact on the price of Bitcoin.
(Background:
Coin Market Morning Report: BlackRock’s spot ETF “IBIT” surpasses GBTC in daily trading volume, Bitcoin reaches $43,400)
(Additional information:
GBTC sees three consecutive days of capital outflow decline! JPMorgan analyst suggests Bitcoin’s downward trend may come to a halt)
Table of Contents:
Continued decrease in GBTC capital outflows
Grayscale reduces holdings by 4,433 BTC
Decreased GBTC selling, Bitcoin price continues to oscillate at high levels
US Bitcoin spot ETF enters its 15th day of trading, with the good news that GBTC’s capital outflows are slowing down.
Today, the daily trading volume was surpassed for the first time by BlackRock’s IBIT.
Regarding capital outflows, according to BitMEX Research statistics, GBTC experienced a capital outflow of $182 million yesterday, totaling 140,195 BTC worth approximately $5.832 billion.
From the table below, it can be seen that after reaching a peak outflow of $640 million on the 22nd, GBTC’s capital outflows have gradually decreased for 8 consecutive days (except for a slight increase on the 30th).
Source: BitMEX Research
According to the information on the official website of Grayscale GBTC, as of yesterday, GBTC’s assets under management (non-GAAP) were approximately $20.741 billion, with a holding of about 482,600 BTC, a decrease of about 4,433 BTC from the previous day.
The circulating share has dropped to 540,120,100 shares, and the amount of Bitcoin held per share has slightly decreased to 0.00089349 BTC.
Source: Grayscale GBTC Official Website
GBTC’s capital outflows not only put pressure on the price of Bitcoin but also negatively affect investors’ short-term outlook on Bitcoin. As a result, the price of Bitcoin fell below $39,000 at the initial listing of the Bitcoin spot ETF.
However, with the slowdown in GBTC’s capital outflows and the trend of net inflows in the Bitcoin spot ETF from the 26th to the 31st, the selling pressure on Bitcoin and negative sentiment among investors have eased, reducing GBTC’s impact on the price of Bitcoin.
However, it is still worth noting that the total trading volume of the Bitcoin spot ETF dropped to $924 million yesterday. This is the first time since its listing that the daily trading volume has fallen below $1 billion, indicating a potential decrease in investors’ buying willingness.
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