Bitcoin Rebounds as Grayscale ETF Withdrawals reach a new all-time low
With a 90% decrease from the day before, withdrawals from the Grayscale Bitcoin Trust (GBTC) have reached a new all-time low. This coincides with a recovery in Bitcoin following the release of fresh inflation statistics from the US that caused instability.
According to Farside statistics, GBTC experienced outflows of $17.5 million on April 10, a considerable drop from the $154.9 million outflows noted on April 9.
In addition, the price of Bitcoin has risen 2.08% in the last day to reach $70,474, according to statistics from CoinMarketCap.
It saw a brief local low of $67,482 during the same time period in response to the announcement of the U.S. Consumer Price Index (CPI) for March, which showed an annual growth rate of 3.5%. This raised concerns that interest rate reduction by the Federal Reserve would be further postponed.
Several cryptocurrency analysts are expressing optimism that this might be the beginning of the decline in GBTC withdrawals, which have totaled $16 billion since GBTC was changed into a spot Bitcoin ETF in January.
“GBTC is no longer selling.” Thomas Fahrer, CEO of reviews portal Apollo with a crypto focus, posed this question to his 41,500 X followers in a post on April 11.
Fahrer went on to say that the withdrawals on April 10 are comparable to about 250 Bitcoin, which is nearly a 95% drop from the withdrawals at the beginning of the week.
Grayscale had withdrawals of $303 million, or 4,288 Bitcoin, just a few days prior on April 8.
