Bitcoin Stable Near $71K as GBTC Outflows Pick Back Up
Summary
Bitcoin (BTC) is trading above $70,900 amid increasing outflows from the Grayscale Bitcoin Trust (GBTC), which saw $124.9 million leave the fund. In contrast, Fidelity's FBTC and Bitwise's BITB saw inflows of $4.6 million and $11.1 million respectively. Bitcoin ETFs reported a total weekly outflow of $227.9 million. Some market participants believe these outflows from GBTC could put selling pressure on BTC and lower prices, while others expect outflows due to GBTC's higher fee structure. Traders anticipate price stability for Bitcoin in the remaining weeks of April, with a 60% chance of BTC hitting $75,000 and a 32% chance of it reaching $80,000 by the end of the month.
