Bitcoin (BTC) Price Drops 3.5% as GBTC Outflows Exceed $100 Million: A Crypto Market Shift

  • On-chain data reveals a declining trend in buy-the-dip investors, contributing to a further drop in Bitcoin prices.
  • Outflows from Grayscale Bitcoin Trust (GBTC) continue, casting a shadow over the potential for a Bitcoin rally.
  • Traditional banking institutions have recently disclosed their exposure to Bitcoin ETFs.

Bitcoin ETFs witness outflows as investor interest wanes, while traditional banking institutions reveal their exposure to the cryptocurrency.

Bitcoin ETFs Experience Outflows

Investor interest in Bitcoin seems to be dwindling as Bitcoin ETFs report a second consecutive day of outflows on Friday, May 10. Outflows from the Grayscale Bitcoin Trust (GBTC) show no signs of slowing down, with the trust reporting another $100 million in outflows. The total outflows across all 11 Bitcoin ETFs have surpassed $84 million. Despite this, BlackRock’s ETF IBIT and Fidelity’s ETF FBTC reported inflows of $12.4363 million and $5.3039 million respectively on Friday.

Traditional Banks Disclose Bitcoin ETF Exposure

Several top banking institutions have disclosed their exposure to Bitcoin ETFs, indicating that these investment products continue to be popular among institutional players. JPMorgan, the world’s largest banking institution, recently revealed that they hold substantial shares in several Bitcoin ETFs. The bank’s investment portfolio shows a diversified approach to the cryptocurrency sector, including various ETFs. Wells Fargo also disclosed its exposure to Bitcoin ETFs, revealing in a recent filing with the US SEC that it holds 2,245 shares of the Grayscale Bitcoin Trust (GBTC).

Bitcoin Price Drops by 3.5%

The price of Bitcoin has dropped by another 3.5% in the last 24 hours, moving closer to the critical support level of $60,000. Amid these continuous outflows, Bitcoin has not seen enough buying interest recently. According to on-chain data provider Santiment, traders are showing limited interest in the “buy the dip” strategy as Bitcoin’s price declines. This lack of enthusiasm from the trading community suggests a lack of confidence, often indicative of prices nearing a bottom. Analysts recommend monitoring social interest levels to assess the persistence of Fear, Uncertainty, and Doubt (FUD) in the market.

Conclusion

As Bitcoin ETFs continue to experience outflows, the price of Bitcoin is feeling the pressure. Despite this, traditional banking institutions are revealing their exposure to Bitcoin ETFs, indicating continued institutional interest in the cryptocurrency. However, with traders showing limited interest in buying the dip, the market is currently dominated by a sense of uncertainty.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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