- The Netflow of most ETFs was more than Grayscale’s BTC outflow.
- Technical indicators and on-chain metrics suggest a Bitcoin rally in a few months.
For the first time since the Bitcoin [BTC] ETFs went live, the net balance of BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB) and Franklin Templeton (EZBC) was more than Grayscale’s cashout. AMBCrypto gathered the data after examining the inflows and outflows of the ETFs.
For most of the time, the Grayscale Bitcoin Trust ETF (GBTC) has dominated volumes. But not all of these volumes were inflows.
In the past weeks, Grayscale had been offloading GBTC in large numbers. These sell-offs were at the expense of Bitcoin’s price which once plummeted to $39,000 around the said period.
IBIT, FBTC are now in charge
But now that the dump has slowed down, other ETFs are gaining their ground. According to AMBCrypto’s query on Santiment, GBTC’s flow was -$189.43 million at press time….
