Home GBTC outflows drop significantly as Bitcoin price rebounds

GBTC outflows drop significantly as Bitcoin price rebounds


  • GBTC ETF outflows drop significantly to $17.5 million on April 10.
  • Bitcoin's price rises by 2.08% to $70,474, despite temporary dip after U.S. inflation data.
  • Fidelity Wise Origin Bitcoin Fund and other Bitcoin ETFs experience inflows.

The Grayscale Bitcoin Trust (GBTC) spot exchange-traded fund (ETF) has experienced a significant decrease in outflows, coinciding with a rebound in the price of Bitcoin following the release of new United States inflation data.

On April 10, GBTC outflows dropped to $17.5 million, a nearly 90% decrease from the $154.9 million outflows recorded the previous day, according to Farside data.

Simultaneously, the price of Bitcoin (BTC) has risen by 2.08% over the past 24 hours, currently trading at $70,474, as per CoinMarketCap data. However, the cryptocurrency briefly hit local lows of $67,482 after the release of the U.S. Consumer Price Index (CPI) for March, which came in higher than expected at 3.5% year-on-year. This led to concerns that the U.S. Federal Reserve might further delay interest rate cuts.

Some crypto commentators are expressing hope that this could mark the beginning of a slowdown in GBTC outflows, which have totaled $16 billion since GBTC was converted to a spot Bitcoin ETF in January. Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, pointed out that the April 10 outflows are equivalent to roughly 250 Bitcoin, a nearly 95% decrease from the outflows at the start of the week.

Not all in the red

In contrast to GBTC’s outflows, other Bitcoin ETFs have seen significant inflows. The Fidelity Wise Origin Bitcoin Fund recorded $76.3 million in inflows, BlackRock’s iShares Bitcoin Trust saw $33.3 million, the Bitwise Bitcoin ETF saw $24.3 million, and the ARK 21Shares Bitcoin ETF had inflows of $7.3 million.

Recently, bankrupt crypto lending firm Genesis offloaded approximately 36 million GBTC shares to acquire 32,041 Bitcoin. The daily GBTC outflows average across the past four months stands at $257.8 million, with the previous low being $22.4 million on February 26.

The development follows Nasdaq-traded spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed an inflow of $15.4 million, marking a positive shift after five consecutive days of outflows. The downturn follows the recently approved U.S. spot Bitcoin ETFs experiencing a day of record-breaking inflows exceeding $1 billion on Mar. 12.

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Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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