According to Bloomberg Intelligence’s analysis, it has been observed that the spot Bitcoin ETF product of Grayscale Investments is currently experiencing a renewed pessimistic sentiment in the crypto market.
A recent report suggested that Grayscale’s GBTC outflows have once again gained momentum, soaring to a remarkable $101.6 million. Meanwhile, the spot Bitcoin ETF experienced two consecutive days of outflows, surpassing the $100 million threshold.
Grayscale’s GBTC: Falling Behind in the Race
As reported by BitMEX Research, the decline in total inflows into 10 different Bitcoin exchange-traded funds (ETFs) to $33.7 million as of February 7. Notably, Grayscale’s GBTC experienced a net outflow of $72.7 million, marking a new record low.
Also Read: Bitcoin ETF Records $405 Million Inflow as BTC Price Surges to $48K
According to the data on February 7, the outflows of the spot Bitcoin ETF showed a consistent decline compared to February 5, where they amounted to $107.9 million. This indicates a notable shift in the trend of outflows for the given Bitcoin ETF.
The market watchers believed that this significant event would mark a crucial turning point, potentially putting an end to the widespread withdrawal from the Bitcoin ETF.
Notably, they anticipated that this move would have a positive impact on Bitcoin’s price and would enhance the prospects of the entire cryptocurrency market.
Also Read: Shiba Inu vs. Dogecoin – ChatGPT Predicts the Winner of 2024!
How High Will BTC Go in February 2024?
At the time of writing, Bitcoin has experienced a significant surge in value, rising by 4.% in the past 24 hours and currently trading at $47,308. This bullish price movement can be attributed to several potential factors, one of which is the upcoming halving event scheduled for April.
Also Read: Bitcoin (BTC) Price Prediction
As per our expert’s technical analysis, the maximum price of the Bitcoin Token can go as high as $57,648, with an average price value of $52,743 by the end of this month. However, if the market gets a bearish trend or negative news surrounding Bitcoin or the cryptocurrency market, the value of the BTC Coin can fall down to $45,302 by this month.
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
