Bitcoin Holds Steady Around $71K Amid GBTC Outflows Resurgence

Bitcoin (BTC) maintains stability, hovering above $70,900, while witnessing renewed outflows from the Grayscale Bitcoin Trust (GBTC).

On-chain data reveals a total outflow of $124.9 million from GBTC, contrasting with inflows of $4.6 million into Fidelity's FBTC and $11.1 million into Bitwise's BITB.

CheckonChain

ETF Outflows: Bitcoin ETFs collectively report a weekly outflow of $227.9 million as of Thursday.

There is a prevailing market sentiment suggesting that ongoing GBTC outflows exert selling pressure on BTC, potentially influencing price declines. However, not all market participants share this viewpoint, with some adopting a cautious stance, citing GBTC's higher fee structure as a factor driving outflows.

Traders anticipate price stability for bitcoin in April's remaining weeks. Predictions on Polymarket indicate a 60% likelihood of BTC reaching $75,000 by month-end and a 32% chance of it hitting $80,000.

While Bitcoin maintains stability amidst GBTC outflows, the market remains divided on the impact of such outflows on BTC prices. While some anticipate downward pressure, others attribute outflows to GBTC's fee structure. Despite price stability forecasts, ongoing market dynamics and investor sentiment could introduce volatility in the cryptocurrency's value.