GBTC Outflows Over $100 Million Drag Bitcoin (BTC) Price Down By 3.5%
Highlights
- GBTC outflows cotninues to put the overall Bitcoin ETF market under pressure.
- The new outflows hint that investors interest is waning with Bitcoin buy-the-dip calls on the drop.
- Traditional banking institutions recently disclosed their exposure to Bitcoin ETFs.
Investor interest in Bitcoin continues to remain subdued with Bitcoin ETFs witnessing a second consecutive day of outflows on Friday, May 10. Outflows from the Grayscale Bitcoin ETF seem to be stopping nowhere. On Friday, GBTC reported another $100 million in outflows, with the total outflows across all 11 Bitcoin ETFs crossing $84 million.
BlackRock’s ETF IBIT experienced an inflow of $12.4363 million on Friday, while Fidelity’s ETF FBTC saw an inflow of $5.3039 million.
Bitcoin ETFs Continue to Attract Traditional Players
Some of the top banking institutions have come forward to reveal their exposure to the spot Bitcoin ETFs. This shows that the Bitcoin investment product continues to remain a top choice of institutional players.
The world’s largest banking institution JPMorgan recently revealed that they have sizeable holdings in several different Bitcoin ETFs available in the market. JPMorgan’s investment portfolio demonstrates a diversified approach to the cryptocurrency sector, encompassing various ETFs.
In its disclosed holdings, the bank reveals ownership of 25,021 shares of Bitcoin Depot Inc., with a market value of $47,415. This investment is just one component of JPMorgan’s broader strategy, which includes a range of ETFs aimed at capturing opportunities within the cryptocurrency market.
Another banking giant Wells Fargo also disclosed its exposure to Bitcoin ETFs. Its recent filing with the US SEC indicates that the banking giant holds 2,245 shares of Grayscale Bitcoin ETF (GBTC).
BTC Price Tanks 3.5%
The Bitcoin price has tanked another 3.5% in the last 24 hours once again moving closer to the crucial support level of $60,000. Amid these continuous outflows, Bitcoin has not seen enough buying interest in recent times.
According to insights from on-chain data provider Santiment, traders are exhibiting limited interest in the “buy the dip” strategy as Bitcoin experiences a decline, dropping to as low as $60.2K today. This subdued response from the trading community reflects a prevailing lack of confidence, often indicative of prices nearing a bottom. Analysts recommend monitoring social interest levels to assess the persistence of Fear, Uncertainty, and Doubt (FUD) in the market.
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