Bitcoin ETFs experience a $55 million net outflow, while BTC plummets to $65,000.
Bitcoin ETFs experienced a significant outflow of $55 million on Friday, April 12, marking a reversal from the two consecutive days of inflow that saw nearly $215 million enter the market. The largest outflow came from Grayscale’s GBTC, which saw $166 million withdrawn. This trend continued on Monday, April 8, when the ETF shed $154.9 million. On the other hand, BlackRock IBIT experienced the largest inflow on Friday, attracting $111 million.
The impact of this outflow was evident in the crypto market, as Bitcoin lost almost 5% in the past 24 hours, dropping to $65,000. As a result, nearly $900 million was liquidated from the overall market. Last week, Bitcoin ETFs experienced three days of net outflow, totaling $298.4 million.
Despite the consecutive outflows from GBTC, Grayscale’s CEO, Michael Sonneshein, remains optimistic. He believes that the withdrawals have reached equilibrium and expects the outflow to slow significantly as Grayscale reduces its Bitcoin ETF fees.
The continuous outflows from the ETF market could also be attributed to a pre-halving pullback. It is commonly anticipated that the Bitcoin halving leads to a larger bull market for the cryptocurrency. Consequently, investors may be taking short-term profits and waiting for a dip to reinvest.
However, some investors may be cautious about the halving not producing substantial rallies like previous years. Marathon Digital recently predicted that BTC has already reached its peak after the approval of ETFs earlier this year.
