{"id":598721,"date":"2024-03-19T23:00:03","date_gmt":"2024-03-19T23:00:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=598721"},"modified":"2024-06-11T08:11:52","modified_gmt":"2024-06-11T08:11:52","slug":"record-breaking-gbtc-outflows-send-bitcoin-down-14-to-62000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/record-breaking-gbtc-outflows-send-bitcoin-down-14-to-62000\/","title":{"rendered":"Record-Breaking GBTC Outflows Send Bitcoin Down 14% To $62,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">As <\/span><a href=\"https:\/\/fortune.com\/crypto\/2024\/03\/19\/bitcoin-slumps-62000-gbtc-fed-rate-cut-waiting-game\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">reported <\/span><\/a><span style=\"font-weight: 400\">by Fortune Magazine, the cryptocurrency market has been experiencing significant volatility as Bitcoin (BTC) has experienced a sharp decline that has had a domino impact on other cryptocurrencies. The recent drop in the price of Bitcoin, coupled with outflows from Grayscale&#8217;s GBTC, has raised concerns among investors.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Sees 14% Correction From ATH<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin suffered a 14% drop since reaching its <\/span><a href=\"https:\/\/uniquehot.com\/breaking-news-ticker\/breaking-bitcoin-hits-new-all-time-high-surging-past-70000-for-the-first-time-in-history\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">all-time high<\/span><\/a><span style=\"font-weight: 400\"> (ATH) of $73,700 last week, briefly touching $62,483 on Tuesday morning. However, it recovered and stabilized around $64,900, just below the $65,000 mark.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/avalanche\/avax-price-soars-to-highest-in-nearly-2-years-over-80-of-holders-in-profit\/\" target=\"_blank\" rel=\"noopener \">AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit<\/a><\/div>\n<p><span style=\"font-weight: 400\">The decline was attributed to record outflows of over $640 million from Grayscale&#8217;s Bitcoin Trust (GBTC). In comparison, other spot Bitcoin ETFs saw inflows of less than $500 million, resulting in a net outflow of $15 million on Monday, <\/span><a href=\"https:\/\/x.com\/JSeyff\/status\/38155909?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">according <\/span><\/a><span style=\"font-weight: 400\">to Bloomberg ETF expert James Seyffart.\u00a0<\/span><\/p>\n<figure id=\"attachment_598723\" aria-describedby=\"caption-attachment-598723\" style=\"width: 774px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-598723\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/GJAciI_XcAApiWN.png?w=774&#038;resize=774%2C277\" alt=\"Bitcoin \" width=\"774\" height=\"277\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/GJAciI_XcAApiWN.png?w=774 774w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/GJAciI_XcAApiWN.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/GJAciI_XcAApiWN.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/GJAciI_XcAApiWN.png?w=750 750w\" sizes=\"(max-width: 774px) 100vw, 774px\"><figcaption id=\"caption-attachment-598723\" class=\"wp-caption-text\">Bitcoin ETFs outflows and inflows. Source: <a href=\"https:\/\/x.com\/JSeyff\/status\/38155909?s=20\" target=\"_blank\" rel=\"noopener nofollow\">James Seyffart on X<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">This <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-plunges-64000-on-chain-support\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">outflow <\/span><\/a><span style=\"font-weight: 400\">from GBTC, combined with the cautious sentiment surrounding the Federal Open Market Committee (FOMC) meeting in the US, has had a significant impact on Bitcoin&#8217;s performance.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As recently <\/span><a href=\"https:\/\/uniquehot.com\/news\/fomc-preview-bitcoin-crypto-fed-rate-move\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">reported <\/span><\/a><span style=\"font-weight: 400\">by NewsBTC, investors exhibited caution ahead of the FOMC meeting, closely monitoring the potential changes in interest rates. Recent higher-than-expected inflation data, as indicated by the US Consumer Price Index (CPI) and Producer Price Index (PPI), dampened expectations of interest rate cuts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Fortune, the CME FedWatch Tool projected a 99% likelihood of rates remaining unchanged, further affecting <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-crashed-65000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">market sentiment.<\/span><\/a><span style=\"font-weight: 400\"> Per the report, investors were keen to gauge the Federal Reserve&#8217;s stance on monetary policy, contributing to the cautious trading environment.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the same context, the Bank of Japan raised its key interest rate from -0.1% to 0% to 0.1% in response to rising consumer prices. This was the first rate increase in 17 years.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Crypto Futures Traders Take A Hit<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The drop in Bitcoin&#8217;s price had a cascading effect on other cryptocurrencies. Major altcoins like <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-price-extends-losses-3200\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Ethereum <\/span><\/a><span style=\"font-weight: 400\">(ETH) and Solana (SOL) experienced significant declines of 8.1% and 12.5% over the past 24 hours, respectively.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meme coins, including Floki Inu (FLOKI), Bonk Inu (Bonk), and Dogecoin (DOGE), also suffered losses of 34%, 28.5%, and 24.8%, respectively, during the past week.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-growth-holder-activity\/\" target=\"_blank\" rel=\"noopener \">Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy<\/a><\/div>\n<p><span style=\"font-weight: 400\">The decline in cryptocurrency prices resulted in over $440 million worth of <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-etf-crypto-liquidations\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">liquidations <\/span><\/a><span style=\"font-weight: 400\">for traders of crypto futures. Traders who had leveraged positions betting on higher prices faced significant losses.\u00a0<\/span><span style=\"font-weight: 400\">Most of these liquidations occurred on Binance, totaling $212 million, followed by OKX at $170 million.\u00a0<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/s9TU7X4K\/\" alt=\"Bitcoin \" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The 1-D chart shows BTC&#8217;s price correction. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Despite its price correction, BTC retains substantial gains of over 26% and 132% in the past thirty days and year-to-date timeframe, respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As reported by Fortune Magazine, the cryptocurrency market has been experiencing significant volatility as Bitcoin (BTC) has experienced a sharp decline that has had a domino impact on other cryptocurrencies. The recent drop in the price of Bitcoin, coupled with outflows from Grayscale&#8217;s GBTC, has raised concerns among investors.\u00a0 Bitcoin Sees 14% Correction From ATH Bitcoin suffered a 14% drop since reaching its all-time high (ATH) of $73,700 last week, briefly touching $62,483 on Tuesday morning. However, it recovered and stabilized around $64,900, just below the $65,000 mark.\u00a0 Related Reading: AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit The decline was attributed to record outflows of over $640 million from Grayscale&#8217;s Bitcoin Trust (GBTC). In comparison, other spot Bitcoin ETFs saw inflows of less than $500 million, resulting in a net outflow of $15 million on Monday, according to Bloomberg ETF expert James Seyffart.\u00a0 This outflow from GBTC, combined with the cautious sentiment surrounding the Federal Open Market Committee (FOMC) meeting in the US, has had a significant impact on Bitcoin&#8217;s performance. As recently reported by NewsBTC, investors exhibited caution ahead of the FOMC meeting, closely monitoring the potential changes in interest rates. Recent higher-than-expected inflation data, as indicated by the US Consumer Price Index (CPI) and Producer Price Index (PPI), dampened expectations of interest rate cuts.\u00a0 According to Fortune, the CME FedWatch Tool projected a 99% likelihood of rates remaining unchanged, further affecting market sentiment. Per the report, investors were keen to gauge the Federal Reserve&#8217;s stance on monetary policy, contributing to the cautious trading environment. In the same context, the Bank of Japan raised its key interest rate from -0.1% to 0% to 0.1% in response to rising consumer prices. This was the first rate increase in 17 years. Crypto Futures Traders Take A Hit The drop in Bitcoin&#8217;s price had a cascading effect on other cryptocurrencies. Major altcoins like Ethereum (ETH) and Solana (SOL) experienced significant declines of 8.1% and 12.5% over the past 24 hours, respectively.\u00a0 Meme coins, including Floki Inu (FLOKI), Bonk Inu (Bonk), and Dogecoin (DOGE), also suffered losses of 34%, 28.5%, and 24.8%, respectively, during the past week.\u00a0 Related Reading: Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy The decline in cryptocurrency prices resulted in over $440 million worth of liquidations for traders of crypto futures. Traders who had leveraged positions betting on higher prices faced significant losses.\u00a0Most of these liquidations occurred on Binance, totaling $212 million, followed by OKX at $170 million.\u00a0 Despite its price correction, BTC retains substantial gains of over 26% and 132% in the past thirty days and year-to-date timeframe, respectively. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":598722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,532,90555,9960,656,679,1119,1144,8390,78790,6664,1558,8323,1946,8686,91093,61774,91264,89192,86515],"class_list":["post-598721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-etf","tag-bitcoin-etf-news","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-cryptocurrency","tag-eth","tag-ethereum","tag-ethusd","tag-grayscale-bitcoin","tag-grayscale-bitcoin-trust","tag-grayscale-bitcoin-trust-etf","tag-grayscale-news","tag-solana-sol"],"acf":[],"yoast_head":"\n<title>Record-Breaking GBTC Outflows Send Bitcoin 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