Record Low for GBTC Net Outflows as Bitcoin Rebounds to $71K

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GBTC Net Outflow Hits Historic Low
Bitcoin briefly surpasses 71K
GBTC Net Outflow Hits Historic Low
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Data shows that the Bitcoin spot ETF has seen two consecutive days of net outflows, with a total net inflow of 123 million US dollars on April 10th.
Earlier, the CEO of Grayscale also stated that he believes GBTC outflows have reached a certain balance.
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Grayscale CEO: GBTC outflows have gradually balanced, expects fee reduction
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Among them, GBTC only saw an outflow of 17.5 million US dollars, setting a new low since its launch. The top three lowest net outflows for GBTC are as follows:
4/10: -17.5 million US dollars
2/26: -22.37 million US dollars
2/23: -44.25 million US dollars

GBTC Daily Net Outflows
The data for various ETFs on April 10th is as follows (from highest to lowest):
Grayscale GBTC: -17.5 million US dollars
Fidelity FBTC: 76.31 million US dollars
BlackRock IBIT: 33.27 million US dollars
Bitwise BITB: 24.27 million US dollars
Ark Invest ARKB: 7.3 million US dollars

Bitcoin ETF Data for April 10th
Bitcoin briefly surpasses 71K
The March Consumer Price Index (CPI) released on Wednesday exceeded expectations. CPI rose 0.4% this month, with a 12-month inflation rate of 3.5%. Economists predicted a 0.3% and 3.4% increase compared to the previous year.
Core CPI also rose 0.4% month-on-month and increased by 3.8% compared to the same period last year, with predicted interest rates of 0.3% and 3.7%. Bitcoin briefly fell to $67,506 on the 10th, and investors’ expectations of a rate cut this year also declined.
However, Bitcoin subsequently reached a high of $71,190.
QCP Capital, a hedge fund, told CoinDesk:
The rebound demonstrates potential demand for Bitcoin, as investors view the dip as a buying opportunity. Despite the decline, there is still strong demand for long-term BTC call options, indicating a deep-seated bullish sentiment for Bitcoin.

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Further Reading
Hong Kong to Launch Asia’s First Bitcoin Spot ETF this Month
10x Research: Inflows of Stablecoins Replace ETFs as Catalyst for Growth; ENA May Reach $5