Bitcoin Holds Firm Above $64K Amid Accelerated ETF Outflows

bitcoin, cryptocurrencies, cryptocurrency
Editorial Board26/04/2024
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Bitcoin (BTC) remains resilient, trading above $64K during the early hours of East Asia’s trading session, even as outflows from bitcoin exchange-traded funds (ETFs) surge.

Market data reveals a substantial daily net outflow of $217 million from U.S.-listed ETFs, bringing the total outflow for the week to $244.49 million. Meanwhile, BTC has seen a 3.7% increase in value over the past week.

According to JPMorgan, the correlation between bitcoin ETF prices and inflows has weakened, dropping from 0.84 in January to 0.60 in recent assessments. This indicates a diminishing alignment between BTC prices and spot ETF flows observed in February.

Of particular interest to traders is the outflow from Grayscale’s converted bitcoin ETF (GBTC). SoSoValue data shows a significant outflow of $417 million from GBTC since Monday. Despite this, BTC prices have continued to rise.

Liquidation data from CoinGlass shows relatively flat activity, with $60 million in liquidations over the past 24 hours. BTC liquidations accounted for $13.48 million, with approximately $6.17 million in long positions and $7 million in short positions.

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