Bitcoin (BTC) is holding steady, staying above the $70,900 mark, while there’s been a resurgence in the movement of funds out of the Grayscale Bitcoin Trust (GBTC).
According to data tracking transactions, a total of $124.9 million has exited GBTC, contrasting with $4.6 million flowing into Fidelity’s FBTC and $11.1 million into Bitwise’s BITB.
As of Thursday, all bitcoin exchange-traded funds (ETFs) collectively saw a weekly outflow of $227.9 million.
There’s a prevailing notion in the market that ongoing withdrawals from GBTC are exerting selling pressure on BTC, potentially pushing prices down. However, this viewpoint isn’t shared by everyone. Some market participants are adopting a cautious stance, pointing out that GBTC naturally experiences outflows due to its higher fee structure.
Traders are factoring in a degree of price stability for bitcoin through the remaining weeks of April. Predictions on Polymarket suggest a 60% likelihood of BTC reaching $75,000 by the end of the month and a 32% chance of it hitting $80,000.