GBTC - Bitcoin Ethereum Dogecoin Trade Mixed As Two-Week Rally Slows Down: Analyst Says Post-Halving Correction Could Take King Crypto To $40K | Benzinga
Cryptocurrencies experienced mixed trading on Sunday evening after a two-week run, with the apex cryptocurrency Bitcoin taking a breather hovering near the $52,000 level.
What Happened: Analysts are keeping a close eye on the inflows into spot Bitcoin ETFs as they seek to predict the next move for Bitcoin.
Data from BitMEX Research indicates that Grayscale Bitcoin Trust (NYSE:GBTC) outflows hit a low of just $44 million on Feb. 23, marking the lowest level since Jan. 11.
In January, GBTC reported total withdrawals of $5.64 billion, with $640 million exiting on Jan. 22 alone. February has witnessed a decline in outflows, totaling $1.8 billion so far. Since its inception, GBTC has observed total withdrawals amounting to $7.4 billion.
On the other hand, BlackRock’s IBIT (NASDAQ:IBIT) has garnered over $6.6 billion in investment since its launch, followed by Fidelity's FBTC (BATS:FBTC) with over $4.7 billion in capital.
Ethereum has pierced through the $3,000 threshold after lingering beneath it for several days. This ...