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Bitcoin Rally:Another All-Time HighNow What?Wall Street's TurbochargeHow to
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Crypto


BITCOIN RETREATS AS GRAYSCALE ETF POSTS BIGGEST DAILY OUTFLOW

 * The Grayscale fund saw a $643 million outflow on March 18
 * Bitcoin’s rally has cooled since last week’s record of $73,798

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By Ryan Weeks
March 19, 2024 at 6:19 AM GMT+1
Updated on
March 19, 2024 at 5:10 PM GMT+1
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3:04

Bitcoin extended a retreat as investors digested a record daily outflow from the
world’s biggest exchange-traded fund for the token as well as scaled-back
expectations for Federal Reserve interest-rate cuts.

Listen • 17m32


BIG TAKE: CRYPTO’S LATEST COMEBACK (PODCAST)





Never miss an episode. Follow the Big Take podcast on iHeart, Apple Podcasts,
Spotify or wherever you listen. Read the transcript.

The largest digital asset shed about 5.3% to trade at $63,800 as of 12 p.m.
Tuesday in New York. Other major tokens such as Ether, Solana and meme-crowd
favorite Dogecoin also nursed losses.

The $25 billion Grayscale Bitcoin Trust, or GBTC, posted a $643 million outflow
on Monday, the most since it converted into an ETF on Jan. 11, data compiled by
Bloomberg show. Earlier, strong demand for nine new spot-Bitcoin ETFs that went
live at the same time had more than made up for a spate of GBTC exits.



But those flows into products from titans such as Fidelity Investments and
BlackRock Inc. are also cooling, and the batch of 10 ETFs as whole saw a net
outflow of $154 million on March 18.

QCP Capital, a crypto trading firm based in Singapore, wrote in a note on
Tuesday that it would be “closely tracking the aggregate ETF flow numbers
today,” adding that a “net negative would be a distinctly bearish signal.”

Expand


Retail sentiment around Bitcoin appears to be declining, according to Matrixport
analyst Markus Thielen. “Retail sentiment has already declined materially as
meme and Altcoins trading volumes have dropped sharply during the last week,”
Thielen said. “We at 10x Research are expecting this pullback to last until
Bitcoin declines to 59,000.”

The total market value of memecoins is down by 16.2% to $48.5 billion, according
to tracker CoinGecko. Top memecoins such as Dogecoin, Shiba Inu, and Pepe saw
their prices dropped by as much as 8% in the past day.

Searches for Bitcoin have also declined sharply from a high on March 5, when
Bitcoin set an all-time high, according to Google Trends data. Google Trends
data does not display raw search numbers, but uses an index from zero to 100 to
show relative search popularity.



Since they began trading, the ETFs overall have attracted a net $12 billion. The
investor interest propelled Bitcoin to an all-time peak of $73,798 last week.
The crypto bellwether has since wobbled as the initial pulse of demand for the
products fizzles amid warnings about bubble-like traits in some assets.

Risks from monetary policy are among the wild cards. Persistent inflationary
pressures are curbing expectations for looser Fed settings, while Japan just
drew the curtain on the most aggressive monetary stimulus program in modern
history, scrapping the world’s last negative interest rate.



GBTC’s manager Grayscale Investments LLC intends to launch a clone of the fund
as it vies with rivals offering cheaper products. Fees are expected to be lower
than for GBTC, a person familiar with the matter earlier told Bloomberg.

Read more about the crypto sector:
 * Grayscale Plans New Bitcoin Fund as GBTC Sheds Billions
 * Slerf? Snap? Memecoin Mania Drives Solana Toward Record High
 * Binance Tasks Prime Brokers With Checks to Root Out US Investors



— With assistance from Muyao Shen and Elijah Nicholson-Messmer

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