The Grayscale Bitcoin Trust (GBTC) has witnessed a significant decrease in outflows, reaching a record low that is nearly 90% lower than the previous day. This decline coincides with a rebound in Bitcoin following the release of new United States inflation data, which caused volatility in the market.
According to Farside data, GBTC experienced outflows of $17.5 million on April 10, a significant drop compared to the $154.9 million outflows recorded on April 9.
At the same time, the price of Bitcoin has increased by 2.08% in the past 24 hours, reaching $70,474 according to CoinMarketCap data. However, it briefly dipped to local lows of $67,482 after the release of the U.S. Consumer Price Index (CPI) for March, which revealed a year-on-year increase of 3.5%. This raised concerns that the Federal Reserve may delay interest rate cuts.
Over the past week, Bitcoin’s price has fluctuated between $65,600 and $72,668, as reported by CoinMarketCap.
Some experts in the crypto industry are optimistic that this decline in GBTC outflows could be the start of a slowdown. Since GBTC converted to a spot Bitcoin ETF in January, it has experienced $16 billion in outflows. Apollo Thomas Fahrer, CEO of the crypto-focused reviews portal Apollo, expressed this sentiment in an April 11 post, asking his 41,500 followers if GBTC selling is over. Fahrer also highlighted that the April 10 outflows amount to approximately 250 Bitcoin, which is a nearly 95% decrease compared to the start of the week.
Just a few days ago, on April 8, Grayscale witnessed outflows equivalent to 4,288 Bitcoin, totaling $303 million.
The previous record low for GBTC outflows was on Feb. 26 when $22.4 million was withdrawn. On average, GBTC has been experiencing daily outflows of $257.8 million over the past four months.
In contrast to GBTC, several other Bitcoin funds have seen inflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) received $76.3 million, the iShares Bitcoin Trust (IBIT) received $33.3 million, the Bitwise Bitcoin ETF (BITB) received $24.3 million, and the ARK 21Shares Bitcoin ETF (ARKB) received $7.3 million in inflows.
In recent news, the bankrupt crypto lending firm Genesis sold approximately 36 million GBTC shares to acquire 32,041 Bitcoin.
According to Bitcoin Man, who is featured in a magazine article, China is expected to amplify the Bitcoin bull run, with predictions of Bitcoin reaching $1 million by 2028.