Bitcoin ETFs See $91M Inflow; Market Holds Steady Over $70K

• Bitcoin ETFs see $91 million inflow on April 11, 2024.
• Grayscale’s Bitcoin Trust reports increased outflows, holdings drop to around 316,000 BTC.
• Bitcoin price hovers over $70,000 ahead of anticipated halving event.

On April 11, 2024, the inflow into Bitcoin ETFs exceeded a remarkable $91 million, continuing the upward trend. An analyst, Crypto Rover, posted an X post highlighting the significant influx of Bitcoin ETFs, amounting to $12.5 billion in total.

According to the document, the $91.3 million inflow into Spot Bitcoin ETFs on April 11 was significantly lower than the $123.7 million inflow recorded on April 12. Nonetheless, this has been a notable contribution to the overall net positive inflow for Bitcoin ETFs.

On the 8th and 9th of April, there was a net negative flow in Bitcoin ETFs, with outflows surpassing inflows. The outflows amounted to $223.8 million on April 8 and $18.6 million on April 9.

A well-known figure in the cryptocurrency community, WhalePanda, posted on X to discuss the encouraging trend in the Bitcoin ETF sector. WhalePanda highlighted that the impressive inflows of $192.1 million from BlackRock have effectively offset the previous outflows.

Grayscale’s Bitcoin Trust (GBTC) has experienced a rise in capital withdrawals. The outflows escalated from $17.5 million on Wednesday to a substantial $124.9 million by Thursday. WhalePanda has commented that there is a direct correlation between the outflows from Grayscale and the overall strength of the cryptocurrency market.

Furthermore, WhalePanda has disclosed a reduction in Grayscale’s Bitcoin holdings. The official Grayscale website indicates that their Bitcoin holdings have decreased to 316,000. Arkham Intelligence reports a slightly higher figure, suggesting that GBTC’s Bitcoin holdings have fallen to 321,000.

In the meantime, Bitcoin’s price is maintaining its position just over the critical $70,000 mark, with anticipation building for the upcoming halving event. At the time of this report, Bitcoin’s price stands at $70,972, representing a modest increase of 0.35% within 24 hours and a more significant rise of 6.35% over the past week. Despite these gains, Bitcoin has seen a minor decline of 1.26% over the past month.