skip to Main Content
bitcoin
Bitcoin (BTC) $ 76,571.52 2.07%
ethereum
Ethereum (ETH) $ 1,460.92 5.66%
tether
Tether (USDT) $ 0.999188 0.06%
xrp
XRP (XRP) $ 1.82 4.22%
bnb
BNB (BNB) $ 552.39 0.15%
usd-coin
USDC (USDC) $ 1.00 0.01%
solana
Solana (SOL) $ 104.25 1.88%
tron
TRON (TRX) $ 0.230836 1.60%
dogecoin
Dogecoin (DOGE) $ 0.143191 2.49%
cardano
Cardano (ADA) $ 0.564083 2.19%

BTC Maintains $65K as GBTC Outflows Hit Highest Level Ever

  • Bitcoin remains above $65,000 despite highest-ever GBTC outflows.

  • GBTC outflows are occurring due to high fees and ETF competition.

Bitcoin (BTC) is down 4% and trading above $65,000 as the selling of Grayscale Bitcoin Trust (GBTC) shares hit its highest level ever.

According to data compiled by BitMEX research, outflow from GBTC hit $643 million on March 18.

Data from investment firm Farside shows that there’s a net outflow from bitcoin ETFs in general to the tune of $154 million. The iShares bitcoin ETF (IBIT) saw the most inflow of $451.5 million, while the remaining products had inflow of approximately $36.7 million.

(Farside Investors)
(Farside Investors)

Since the launch of bitcoin exchange-traded funds (ETFs) earlier this year, there have been significant outflows from GBTC – which recently converted into an ETF – because of its higher fees. This selling puts pressure on the price of bitcoin.

A recent note from CryptoQuant says that selling pressure is also coming from short term holders of bitcoin taking profit on recent gains.

Over the last week bitcoin is down 8.5%, according to CoinDesk Indicies data, but remains up 27% over the past 30 days.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top