GBTC sees another 8,000 BTC outflow in modest uptick
The Grayscale Bitcoin Trust (GBTC) saw greater withdrawals during the day than it did the previous two days, according to the spot Bitcoin exchange-traded fund (ETF) trends.
As of writing, they amounted to approximately 8,000 BTC ($343 million), according to real-time data provided by the intelligence firm Arkham.
Not too far from yesterday. Another successful day with +$247.2M in inflows was yesterday. IBIT is currently matching GBTC in daily volume as well, Daan Crypto Trades said in part.
Views that were more optimistic about the ETF flows concentrated on how big they were in comparison to the amount of freshly minted Bitcoin that was produced every day.
“Price didn’t really rally much yesterday, but a couple of days like this and you’ll see what kind of supply shock this will have on BTC,” well-known analyst WhalePanda continued on January 30 in addition to provisional inflow data from investment firm Farside, based in the United Kingdom.
Bitcoin Price: Key Metrics and Trends
Bitcoin price movements have been under the spotlight as the cryptocurrency prepares for potential shifts in response to the actions of the Federal Reserve, led by Chair Jerome Powell.
Amidst ongoing market volatility, Bitcoin outflows from exchanges have surpassed $340 million, indicating a shift in investor sentiment and potential capital allocation strategies.
Over the years, Bitcoin has experienced significant price fluctuations, reaching its all-time high of nearly $65,000 in April 2021 before undergoing a substantial correction.
Despite this, the cryptocurrency has demonstrated resilience, with institutional interest and adoption continuing to grow.
Historical data showcases Bitcoin’s ability to rebound from market downturns, often leading to periods of heightened volatility followed by sustained price rallies.
As market participants await signals from the Federal Reserve regarding monetary policy and interest rates, Bitcoin’s price trajectory remains subject to various macroeconomic factors and regulatory developments.
Thanks for Rolling with Crypto-Betting.org! Discover Our Latest Updates for an Exciting Journey Ahead!
For more in-depth coverage and to stay connected, feel free to follow us on Facebook, Instagram or LinkedIn for the latest insights and discussions in the dynamic world of crypto and betting.
Over the years, I've dedicated countless hours to researching and analyzing various crypto betting platforms, understanding their features, strengths, and weaknesses. This knowledge has allowed me to produce in-depth, well-rounded reviews that help users make informed decisions when it comes to choosing the right platform for their needs.