{"id":11212,"date":"2024-03-01T10:35:59","date_gmt":"2024-03-01T08:35:59","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoins-record-month-thwarted-by-second-largest-gbtc-outflow\/"},"modified":"2024-03-01T10:35:59","modified_gmt":"2024-03-01T08:35:59","slug":"bitcoins-record-month-thwarted-by-second-largest-gbtc-outflow","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoins-record-month-thwarted-by-second-largest-gbtc-outflow\/","title":{"rendered":"Bitcoin&#8217;s Record Month Thwarted by Second-Largest GBTC Outflow"},"content":{"rendered":"<p>On February 29, outflows from the Grayscale Bitcoin Trust ETF (GBTC) reached $598.9 million, marking the second-largest in history. This development interrupted Bitcoin&#8217;s five-day growth streak, closing the month with a near-record increase of 43.6%.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">$600m outflow for <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GBTC<\/a> today. That\u2019s a lot. Two steps forward one step back. <a href=\"https:\/\/t.co\/eWaEPMzUIW\">https:\/\/t.co\/eWaEPMzUIW<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1763353066827342209?ref_src=twsrc%5Etfw\">February 29, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;That&#8217;s a lot [outflow from GBTC]. Two steps forward, one step back,&#8221;<\/em> commented Bloomberg analyst Eric Balchunas.<\/p>\n<\/blockquote>\n<p>The flow dynamics in the product may have contributed to the 2.1% decline in the digital gold&#8217;s value by the end of the day.\u00a0<\/p>\n<p>On February 28, the price tested the <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-surpasses-64000-as-ethereum-soars-above-3500\">$64,000 mark<\/a>. One of the drivers was a record high net inflow into the Bitcoin ETF <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-etf-inflows-hit-record-673-million-in-a-single-day\">($673.4 million<\/a>).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-934.webp\" alt=\"1-934\" class=\"wp-image-227196\"\/><figcaption class=\"wp-element-caption\">Daily BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/VOr1bq2L\/?symbol=BINANCE%3ABTCUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>The monthly dynamics were the strongest since December 2020, when the leading cryptocurrency rose by 46.9% to $28,900.<\/p>\n<p>In absolute terms, the value of digital gold in February 2024 increased by a record $18,550. For comparison, in October 2021, this figure was $17,475.<\/p>\n<p>Earlier, analysts at QCP Capital <a href=\"https:\/\/forklog.com\/en\/news\/bitcoins-return-to-all-time-high-predicted-for-march\">predicted<\/a> Bitcoin&#8217;s rise to $80,000 amid explosive ETF demand and signals from the derivatives market.<\/p>\n<p>Matrixport co-founder Daniel Yan <a href=\"https:\/\/forklog.com\/en\/news\/matrixport-co-founder-predicts-15-crypto-market-correction\">warned<\/a> of the market&#8217;s vulnerability to a &#8220;healthy&#8221; 15% correction following the <a href=\"https:\/\/forklog.com\/en\/news\/how-eip-4844-will-affect-ordinary-ethereum-users\">Dencun update<\/a> on the Ethereum network before the halving.<\/p>\n<p>JPMorgan <a href=\"https:\/\/forklog.com\/en\/news\/jpmorgan-analysts-predict-bitcoin-correction-to-42000-post-halving\">predicted<\/a> a Bitcoin pullback to $42,000 after this event.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On February 29, outflows from the Grayscale Bitcoin Trust ETF (GBTC) reached $598.9 million, marking the second-largest in history. This development interrupted Bitcoin&#8217;s five-day growth streak, closing the month with a near-record increase of 43.6%. $600m outflow for $GBTC today. That\u2019s a lot. Two steps forward one step back. https:\/\/t.co\/eWaEPMzUIW \u2014 Eric Balchunas (@EricBalchunas) February [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,569,1214,1145],"class_list":["post-11212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-etf","tag-grayscale-bitcoin-trust","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11212"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11212\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11211"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}