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GBTC Outflows Exceed $100M: Bitcoin Price Dips 3.5%

GBTC Outflows Exceed $100M: Bitcoin Price Dips 3.5%

The lack of investor interest in Bitcoin is evident as Bitcoin ETFs saw withdrawals for a second day on Friday, May 10. The Grayscale Bitcoin ETF is losing money at an unstoppable rate.

On Friday, investors withdrew another $100 million from GBTC, contributing to total outflows exceeding $84 million across all 11 Bitcoin ETFs. Additionally, BlackRock’s ETF IBIT saw an inflow of $12.4363 million, while Fidelity’s ETF FBTC received $5.3039 million.

Traditional Players Are Still Attracted to Bitcoin ETFs

Leading financial institutions have disclosed their exposure to spot Bitcoin exchange-traded funds (ETFs). This demonstrates that institutional players are still very interested in the Bitcoin investment product. 

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The biggest bank in the world, JPMorgan, has disclosed substantial holdings in several Bitcoin exchange-traded funds (ETFs) in Morgan’s investment portfolio. This reflects a broad approach to the cryptocurrency market spanning multiple ETFs. 

The bank reports 25,021 shares of Bitcoin Depot Inc., with a market value of $47,415, as part of its holdings. This investment is only a small part of JPMorgan‘s larger plan, which includes many ETFs designed to capitalize on opportunities in the cryptocurrency space.

Wells Fargo, another enormous bank, also revealed its exposure to Bitcoin ETFs. According to a recent filing with the US SEC, the banking giant holds 2,245 Grayscale Bitcoin ETF (GBTC) shares.

 BTC Drops 3.5% in Price

In the past 24 hours, the Price of Bitcoin has plummeted an additional 3.5%, bringing it closer to the critical $60,000. Amid these ongoing withdrawals, there needs to be more interest in purchasing Bitcoin lately. 

As Bitcoin dips to $60.2K today, traders seem uninterested in buying, as per insights from Santiment. This muted reaction indicates a lack of confidence. Such sentiment often signals impending price bottoms. Analysts advise monitoring social interest levels to gauge how long Fear, Uncertainty, and Doubt (FUD) will last in the market.

Courtesy: Santiment

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