Bitcoin price has recently reversed its bearish trend, trading near $64,900. This shift is driven by renewed investor confidence and a global crypto market cap increase to $2.38 trillion.
Despite a rare outflow day for Bitcoin, the market sentiment remains positive.
Additionally, Mt. Gox’s recent $2 billion Bitcoin transfer initially caused a minor dip but Bitcoin quickly rebounded, indicating resilience and strong market confidence.
Bitcoin’s Price Stability Amidst Mt. Gox’s $2 Billion Token Transfer
Grayscale’s Mini Bitcoin Trust Launch Triggers GBTC Drop and Bitcoin ETF Outflows
Grayscale’s launch of the Mini Bitcoin Trust led to a drop in GBTC shares and significant outflows from Bitcoin ETFs.
The new trust involved redistributing 10% of existing Bitcoin holdings, which contributed to the $18.3 million net outflows from spot Bitcoin ETFs.
This redistribution likely caused temporary downward pressure on Bitcoin prices.
In contrast, spot Ether ETFs experienced positive inflows, with $33.7 million added on their second day, marking a strong start. BlackRock's iShares Ethereum Trust saw notable inflows of $118 million.
However, despite these positive figures, spot Ether ETFs have faced substantial outflows totalling $406.4 million, primarily due to Grayscale Ethereum Trust’s $1.84 billion in withdrawals.
Key points:
- Grayscale’s Mini Bitcoin Trust launch led to 10% redistribution of holdings
- $18.3 million net outflows from spot Bitcoin ETFs
- Spot Ether ETFs had $33.7 million in inflows on the second day
Overall, the launch of Grayscale's Mini Bitcoin Trust has impacted both Bitcoin and Ether ETFs, reflecting ongoing market adjustments and investor reactions.
The post Bitcoin Price Prediction: Mt. Gox Moves Another $2 Billion in BTC – What Happens Next? appeared first on Cryptonews.
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