According to the latest daily updateGrayscale’s GBTC does not lead in daily capital outflows despite $82 million in outflows.
On April 2, it was surpassed by Ark Invest’s ARKB, which recorded outflows worth $88 million.
This comes as Bitcoin prices struggle to regain momentum. It crashed to $64,673 earlier today, according to CoinGecko data.
as U.Today reported, Bitcoin ETFs achieved an eye-popping $111 billion in trade in March. However, this amount is unlikely to be reached in April due to declining demand.
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That being said, it’s worth mentioning that the Bitcoin ETF still had $38.8 million in net inflows as of April 2nd. Of course, BlackRock’s IBIT accounts for the bulk of the inflows. Fidelity’s FBTC came in second place.
Who is behind the Bitcoin crash?
On Tuesday, the price of the largest cryptocurrency fell sharply. According to a recent report published by Bloomberg, this decline was primarily caused by automated trading protocols in Asia that reacted to Bitcoin ETF data.
As trading firm Alberos Markets pointed out, bots can place orders based on scraped ETF data. Therefore, this can have a significant impact on the market.
This theory is also supported by the fact that Bitcoin performed particularly well in early March, when there were a lot of inflows.
At the same time, leading analyst Eric Balciunas recently dismissed the impact of Bitcoin ETFs on the price of the largest cryptocurrency, claiming there are larger forces at work.
https://u.today/grayscales-bitcoin-etf-no-longer-in-lead-by-daily-outflows
