- The spot Bitcoin ETF had two consecutive days of outflows below $100 million.
- The most recent market data shows that GBTC is losing ground to the bears.
According to Bloomberg Intelligence’s analysis, financial asset management company Grayscale Investments’ spot Bitcoin ETF product is experiencing a resurgence of bearish outlook.
Evidence suggests that Grayscale’s GBTC outflows have resumed, reaching a new high of $101.6 million. The spot Bitcoin ETF had two consecutive days of outflows below $100 million, surpassing the threshold.
GBTC Losing Ground
Even if the GBTC outflow hit a record low a few days ago, this was nonetheless unexpected. Total inflows into 10 different Bitcoin exchange-traded funds (ETFs) fell to $33.7 million as of February 7, according to data released by BitMEX Research. A record low of $72.7 million was reached by Grayscale’s GBTC in terms of net outflows.
The numbers from February 7 revealed that the outflows were steadily declining, compared to February 5 when they were $107.9 million for the spot Bitcoin ETF.
The market watchers anticipated this was the turning point that would finally stop the overwhelming withdrawal from the Bitcoin ETF. More importantly, they foresaw a favorable effect on Bitcoin’s price and the crypto market’s future prospects as a result of the move.
Moreover, the most recent market data shows that GBTC is losing ground to the bears, contrary to expectations. It is worth mentioning that the majority of the funds that were snatched from GBTC were found to be transferred between Fidelity FBTC and BlackRock’s IBIT.
Bitcoin has risen in value by 5.11% in the last 24 hours and is now trading at $47,597. There are a lot of potential drivers of the bullish price movement, one of them is the impending halving event in April.
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