Bitcoin Price Reclaims $66,000 Despite 4-Day ETF Outflow Streak
2024年3月22日 - 5:15PM
NEWSBTC
Despite a continuous four-day streak of net outflows from Bitcoin
spot exchange-traded funds (ETFs) totaling $93.85 million, the
Bitcoin price has impressively climbed to reclaim the $66,000 mark.
According to data from Farside Investors, Grayscale ETF GBTC
experienced a significant outflow yesterday, with a single-day net
outflow of $358 million, culminating in a historical net outflow of
$13.63 billion for GBTC alone. In stark contrast, the BlackRock
Bitcoin spot ETF (IBIT) witnessed a considerable net inflow of $233
million yesterday, raising IBIT’s total net inflow to $13.32
billion. This is slightly below the average for BlackRock, which
has seen $271.9 million in inflows since its launch on January 11.
Other ETFs have not fared as well in recent days. Fidelity’s FBTC,
the second-largest ETF, has thus far achieved an average daily
inflow of $141.5 million, but experienced a disappointing $2.5
million in inflows yesterday. Related Reading: Beyond Bitcoin ETFs:
‘There Are Other Players Controlling This Market’ – Says Analyst
The third-largest, Ark Invest’s spot Bitcoin ETF, has seen average
inflows of $40.9 million to date, with yesterday’s inflows at just
$2.0 million. Bitwise’s BITB, ranking fourth, has accumulated $30.7
million on average, with a modest $12 million in inflows yesterday.
Across the board, all spot Bitcoin ETFs, including GBTC, have
recorded an average of approximately $230 million in daily inflows
since January 11. Bitcoin Price Stagnates: Reason To Worry?
CryptoQuant CEO Ki Young Ju provided insights on the situation via
X, stating, “Bitcoin spot ETF netflows are slowing. Demand may
rebound if the BTC price approaches critical support levels. New
whales, mainly ETF buyers, have a $56K on-chain cost basis.
Corrections typically entail a max drawdown of around 30% in bull
markets, with a max pain of $51K.” Crypto analyst WhalePanda
highlighted the trend, noting, “Yesterday’s ETF flows: Another
negative day, that’s 4 in a row […] Honestly surprised by how big
the outflows are from GBTC. Another $358.8 million and that makes a
total of $1.83 billion in just 4 days.” WhalePanda also touched on
Genesis’ role, suggesting the company’s “in-kind” sale of GBTC
shares for BTC might explain the large outflows without
corresponding market dumps. Related Reading: Bitcoin Surging But
Likely To Consolidate Before Breaking $74,000: Analyst Thomas
Fahrer, founder of Apollo, offered a bullish perspective, “I know
it is forbidden to post anything bullish on #Bitcoin ETFs right
now, but I’m gonna do it anyway. GBTC selling is temporary.
Financial advisors and institutions have barely begun buying. $100
BILLION inflows are coming next 1-2 years. Patience.” Charles
Edwards, founder of Capriole Investments, commented on the
Grayscale situation, “Grayscale Bitcoin ETF holdings falling off a
cliff. Down 50%, or about $20B at current BTC price. We must be
days/weeks away from them slashing fees to stop the bleeding.
Blackrock holdings expected to overtake Grayscale before the
Halving!” Although the last few days have been rather
disappointing, it is worth noting that the outflows are coming
(almost) exclusively from Grayscale’s GBTC, while other investors
are holding on tight to their Bitcoin investments. This means that
it is only a matter of time before Grayscale’s outflows stop, and
even small inflows from the other ETFs make a big impact (without
the outflows). At press time, BTC traded $66,203. Featured image
created with DALL·E, chart from TradingView.com
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