Bitcoin ETFs saw a significant shift in investor opinion on Friday, April 12, when they lost $55 million. This happened at the same time that Bitcoin’s price dropped to $65,000.
SoSo Value data showed that the trend had changed after two days of fresh funding coming in totaling almost $215 million. The biggest exit on Friday came from Grayscale’s GBTC, where $166 million was taken out. As of Monday, April 8, when GBTC lost $154.9 million, this trend of funds leaving the market continues.
On the other hand, BlackRock IBIT got the most funds on Friday, with $111 million coming in.
Bitcoin’s Impact on Market
The exit on Friday had an effect on the whole cryptocurrency market. In the last 24 hours, Bitcoin’s price has dropped almost 5%, bringing it down to $65,000. Along with the drop in prices, this slump caused the market to lose about $900 million.
Last week, $298.4 million left the market through Bitcoin ETFs over the course of three days.
Even though GBTC is consistently being taken out of circulation, Grayscale’s CEO, Michael Sonneshein, is still optimistic. He thinks that the withdrawals from GBTC have probably hit a balance and will slow down a lot as Grayscale lowers its Bitcoin ETF fees.
The steady losses may also be caused by a pullback before the halving, as investors were looking forward to a greater bull market after the halving. This pullback happens when investors lock in short-term gains with the plan to reinvest when the market goes down.
Some investors are worried, though, that the halving could lead to significant gains. For example, Marathon Digital recently said that Bitcoin has already reached its peak since ETFs were approved earlier this year.
