According to Cointelegraph: Outflows from the Grayscale Bitcoin Trust (GBTC) exchange-traded fund (ETF) have hit a fresh record low, correlating with a Bitcoin price rebound amidst new U.S. inflation data sparking market volatility.
On April 10, GBTC witnessed outflows of $17.5 million, a substantial drop from the $154.9 million recorded a day earlier. In tandem, Bitcoin exhibited a 2.08% hike in the last 24 hours, with a current valuation of $70,474.
The March U.S. Consumer Price Index (CPI) data release, which indicated a year-on-year surge of 3.5%, led to concerns that the U.S. Federal Reserve might postpone interest rate cuts. Subsequently, Bitcoin briefly dipped to local lows of $67,482.
Optimism is beginning to circulate among crypto authorities that the accelerated decline in GBTC outflows, totaling $16 billion since its conversion to a spot Bitcoin ETF in January, could indicate a market slowdown.
With outflows on April 10 equivalent to about 250 Bitcoin, this suggests a roughly 95% reduction from the beginning of the week.
Amidst these dynamics, other Bitcoin ETFs recorded inflows, with Fidelity's Wise Origin Bitcoin Fund seeing $76.3 million, BlackRock's iShares Bitcoin Trust gaining $33.3 million, and the ARK 21Shares Bitcoin ETF having inflows of $7.3 million.
Recently, Genesis, a bankrupt crypto lending firm, sold approximately 36 million GBTC shares to acquire 32,041 Bitcoin.
