The second outflow from GBTC in history prevented bitcoin from closing the month with a record
The monthly dynamics turned out to be a record since December 2020. Then the first cryptocurrency rose in price by 46.9%, to $28,900.
On February 29, the outflow of funds from the Grayscale Bitcoin Trust ETF (GBTC) reached $598.9 million, the second largest value in history. Against this background, bitcoin broke a five-day growing streak and closed the month with an increase of 43.6% close to a record.
$600m outflow for $GBTC today. That’s a lot. Two steps forward one step back. https://t.co/eWaEPMzUIW
— Eric Balchunas (@EricBalchunas) February 29, 2024
"This is a lot [of outflow from GBTC]. Two steps forward, one step back," commented Bloomberg analyst Eric Balchunas.
The dynamics of flows into the product could be one of the factors reducing the value of digital gold by 2.1% at the end of the day.
On February 28, the price tested the $64,000 mark. One of the drivers was the historical maximum net inflow of funds into the bitcoin ETF ($673.4 million).
In absolute terms, the value of digital gold in February 2024 increased by the highest ever $18,550. For comparison, in October 2021, this value was $17,475.
Source: https://forklog.com/news/vtoroj-v-istorii-ottok-iz-gbtc-pomeshal-zakryt-bitkoinu-mesyats-s-rekordom
