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Bitcoin hits $63,000 following first-time inflows into Grayscale Bitcoin Belief

GBTC ETF rebounds as $63 million inflow ends prolonged withdrawal period. Bitcoin (BTC) reclaimed the $63,000 mark on Binance late Friday as inflows into US spot Bitcoin exchange-traded funds (ETFs) made a comeback. Notably, Grayscale’s spot Bitcoin ETF, Grayscale Bitcoin Trust ETF (GBTC), ended its 80-day outflow streak – the fund attracted $63 million in

Bitcoin hits $63,000 following first-time inflows into Grayscale Bitcoin Belief

GBTC ETF rebounds as $63 million influx ends extended withdrawal interval.

Bitcoin (BTC) reclaimed the $63,000 mark on Binance late Friday as inflows into US spot Bitcoin exchange-traded funds (ETFs) made a comeback. Notably, Grayscale’s spot Bitcoin ETF, Grayscale Bitcoin Belief ETF (GBTC), ended its 80-day outflow streak – the fund attracted $63 million in inflows in at this time’s buying and selling session, in line with knowledge from Coinglass.

On the time of writing, BTC is buying and selling at round $62,900, up 6.5% within the final 24 hours, in line with data from CoinGecko. The flagship crypto dipped below $57,000 on Wednesday forward of the Fed’s rate of interest choice and prolonged its correction after the FOMC assembly. Nevertheless, the value began to get well earlier this morning because it broke by way of the important thing degree of $61,000.

The GBTC fund is the biggest spot Bitcoin ETF with over $18.7 billion in belongings beneath administration. Earlier than changing from Bitcoin Belief to an ETF earlier this yr, the fund held round 620,000 BTC.

GBTC has been beneath strain from traders’ cash-out, notably since the approval of competing spot Bitcoin ETFs in January. As of April 18, GBTC’s holdings had been slashed in half.

Bloomberg ETF analyst Eric Balchunas expressed shock as GBTC reversed its long-term outflow development, saying, “We’re so again.”

Holy crap $GBTC had inflows at this time. Their 80 day-ish streak is lastly over. I needed to run my eyes and double test the info however it’s true. https://t.co/I4TTU4q5Q1

— Eric Balchunas (@EricBalchunas) May 3, 2024

Whereas GBTC has seen current good points, persistent outflows over the past months have allowed opponents like BlackRock iShares Bitcoin Belief (IBIT) to slender the hole. As of Might 2, IBIT held $17.2 billion in Bitcoin AUM.

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