Unexpected $200M outflow observed in Bitcoin ETFs — Can the newly established $69K support be sustained?

Bitcoin (BTC) experienced a drop below $70,000 on April 9 as the initial excitement from the weekly close subsided. BTC price saw a downward trend before the Wall Street Open, reaching lows of $69,635 on Bitstamp, a 4.3% decrease from the previous day’s high. The day’s net flows were negative, with little capital influx into the United States spot Bitcoin exchange-traded funds (ETFs) and a $300 million outflow from the Grayscale Bitcoin Trust (GBTC). Despite this, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) managed to maintain inflows. Market participants had expected improved net flows following Genesis’ multibillion-dollar offloading of GBTC shares last week. Traders were closely monitoring BTC price action for signs of a reversal upwards, with some targeting $73,000 and others being more cautious, calling for a dip to $60,000 or lower. This article does not provide investment advice and readers should conduct their own research before making any decisions.