Outflows from the Grayscale Bitcoin Trust (GBTC) have reached a historic low, dropping by nearly 90% from the previous day, coinciding with a recovery in Bitcoin (BTC) following new US inflation data that caused volatility.
On April 10, GBTC experienced outflows of $17.5 million, a significant decrease compared to the $154.9 million outflows recorded on April 9, according to data from Farside.
At the same time, the price of Bitcoin has risen by 2.08% in the past 24 hours, currently standing at $70,474, according to CoinMarketCap data. During this period, it briefly dropped to a local low of $67,482 after the release of the US Consumer Price Index (CPI) for March, which showed a year-on-year increase of 3.5%. This raised concerns that the Federal Reserve may further delay interest rate cuts.
Bitcoin’s price has fluctuated between $65,600 and $72,668 over the past seven days, according to CoinMarketCap.
Some cryptocurrency experts are optimistic that this could mark the beginning of a slowdown in GBTC outflows, which have amounted to $16 billion since GBTC was converted to a spot Bitcoin ETF in January. “GBTC selling over?” asked Apollo Thomas Fahrer, the CEO of the crypto-focused reviews portal, in an April 11 post to his 41,500 X followers. Fahrer also noted that the outflows on April 10 are equivalent to approximately 250 Bitcoin, almost a 95% decrease compared to the start of the week.
Just a few days ago, on April 8, Grayscale witnessed outflows equivalent to 4,288 Bitcoin, totaling $303 million.
The previous low for GBTC outflows was on February 26, when $22.4 million was withdrawn. The average daily outflows from GBTC over the past four months stand at $257.8 million.
On the other hand, there have been significant inflows into other Bitcoin investment vehicles. The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded $76.3 million in inflows, iShares Bitcoin Trust (IBIT) saw $33.3 million, Bitwise Bitcoin ETF (BITB) saw $24.3 million, and ARK 21Shares Bitcoin ETF (ARKB) experienced inflows of $7.3 million.
In recent news, bankrupt crypto lending firm Genesis sold approximately 36 million GBTC shares to acquire 32,041 Bitcoin.
According to Bitcoin Man, featured in a magazine article, China will intensify the Bitcoin bull run, with Bitcoin reaching $1 million by 2028.