However, Outflows slowed on Wednesday and Thursday, delivering a more bullish backdrop. Despite net outflows for the fourth consecutive day on Thursday, BTC struck a Friday high of $42,252 in response to the Thursday BTC-spot ETF statistics. GBTC outflows hit $640.5 million on day 7 of trading before falling to $394.1 million on day 10 of trading.
Market sensitivity to GBTC numbers increased midweek after JPMorgan Chase (JPM) cited GBTC flows as a focal point for BTC price trends. JPMorgan considered a slowdown in GBTC outflows as a bullish price signal.
On Wednesday, Bitwise Chief Investment Officer Matt Hougan discussed BTC price trends and the BTC-spot ETF market, saying,
“The market front-ran the ETF approval by piling into both spot Bitcoin and Bitcoin derivatives. It expected larger net flows into ETFs than we’ve gotten so far, and is now unwinding that bet.”
Concluding,
“IMO just as the market…
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