According to preliminary data from Farside Investors, the net outflow of the US Bitcoin spot ETF on Thursday (18th) narrowed to $4.3 million from $165 million the previous day, marking a continuous net outflow for five consecutive trading days with a total amount of approximately $319 million.
The net outflow amount of Grayscale’s Bitcoin Trust Fund (GBTC), a cryptocurrency asset management company, was approximately $90 million yesterday. The Bitcoin spot ETF with the highest net inflow amount is the “Fidelity Wise Origin Bitcoin Fund” (FBTC) issued by Fidelity, with an amount of approximately $37.4 million, followed by IBIT, a Bitcoin spot ETF under BlackRock, with an amount of approximately $18.8 million.
GBTC has been experiencing capital outflows since the first day of conversion to a spot ETF due to various reasons, including relatively higher expense structure. Therefore, the capital outflow of GBTC may not be a major concern, but the recent slowdown in capital inflows of other ETFs may need to be monitored.
Recently, Bitcoin prices have been weak. The decline in this wave of decline was as high as 15% starting from last Friday. While news broke this morning about Israel launching airstrikes against Iran, Bitcoin once again fell below the $60,000 mark, but then rebounded. As of the time of this article’s publication, the Bitcoin trading price has risen to $64,760.
The decline in Bitcoin may be attributed to several factors, including the US tax deadline, the decreasing possibility of a rate cut by the Federal Reserve, and the tense situation between Iran and Israel. Matrixport added that, according to data from The Block, the upcoming halving event is expected to occur on Saturday (April 20th) morning Taiwan time, when block rewards will decrease from the current 6.25 BTC to 3.125 BTC. Historically, Bitcoin tends to experience a new wave of upward momentum a few months after a halving event, although the magnitude and duration of the rise are not consistent.
Many individuals in the cryptocurrency community believe that history will repeat itself, but institutions such as Goldman Sachs and JPMorgan, including Goldman Sachs and JPMorgan, do not share this belief. Analysts from JPMorgan, led by Nikolaos Panigirtzoglou, stated in a report on Wednesday that they do not expect Bitcoin to rise after the halving and believe that Bitcoin is still in an “overbought state.”
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