GBTC outflows drop significantly as Bitcoin price rebounds

The Grayscale Bitcoin Trust (GBTC) spot exchange-traded fund (ETF) has experienced a significant decrease in outflows, coinciding with a rebound in the price of Bitcoin following the release of new United States inflation data.

On April 10, GBTC outflows dropped to $17.5 million, a nearly 90% decrease from the $154.9 million outflows recorded the previous day, according to Farside data.

Simultaneously, the price of Bitcoin (BTC) has risen by 2.08% over the past 24 hours, currently trading at $70,474, as per CoinMarketCap data. However, the cryptocurrency briefly hit local lows of $67,482 after the release of the U.S. Consumer Price Index (CPI) for March, which came in higher than expected at 3.5% year-on-year. This led to concerns that the U.S. Federal Reserve might further delay interest rate cuts.

Some crypto commentators are expressing hope that this could mark the beginning of a slowdown in GBTC outflows, which have totaled $16 billion since GBTC was converted to a spot Bitcoin ETF in January. Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, pointed out that the April 10 outflows are equivalent to roughly 250 Bitcoin, a nearly 95% decrease from the outflows at the start of the week.