GBTC net outflow hits record low! Bitcoin rebounds to $71,000

SoSoValue data shows that the Bitcoin spot ETF ended two consecutive days of net outflows, with a total net inflow of US$123 million on April 10.

Earlier, Grayscale CEO also said that he believed that the outflow of GBTC has reached a certain balance.

Among them, GBTC only outflowed -17.5 million U.S. dollars, setting a new low since its launch. The lowest net outflows of GBTC among the top three are as follows:

• 4/10: -17.5 million U.S. dollars

• 2/26: -USD 22.37 million

• 2/23: -USD 44.25 million

Bitcoin ETF April 10 data

Bitcoin once stood at 71K

The March consumer price index released on Wednesday was higher than expected. CPI rose 0.4% this month, and the 12-month inflation rate was 3.5%. Economists expected growth of 0.3% and 3.4% from the previous year.

The core CPI also increased by 0.4% month-on-month, 3.8% higher than the same period last year, and the forecast interest rates were 0.3% and 3.7% respectively; Bitcoin once fell to $67,506 on the evening of the 10th, and investors were concerned about the probability of an interest rate cut this year. Expectations also fell.

However, Bitcoin has since risen to a maximum of $71,190.

Hedge fund QCP Capital told CoinDesk: The rebound showed potential demand for Bitcoin, and investors viewed the decline as a buying opportunity. Even in the face of declines, long-term BTC call options still show strong demand, indicating that there is deep structural bullish sentiment in Bitcoin.

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