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Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) fell below $70,000 on April 9 as early excitement from the weekly close faded.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/ac419a42-28fb-4c8e-83f9-ea8cb183182f.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-etfs-struggle-amid-very-slow-day">Bitcoin ETFs struggle amid “very slow” day</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC price downside gathering momentum before the Wall Street Open.
The day’s lows of $69,635 on Bitstamp represented a 4.3% drop versus the previous day’s local high — with <a href="https://cointelegraph.com/news/bitcoin-halving-crypto-firesale-arthur-hayes-heatwave">wavering short-term sentiment to match</a>.
The week’s first Wall Street trading session had broadly disappointed Bitcoin bulls. 
The United States spot Bitcoin exchange-traded funds (ETFs) took in little capital and combined with a $300-million outflow from the Grayscale Bitcoin Trust (GBTC), the day’s net flows were heavily negative.
According to data from sources including United Kingdom investment firm <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">Farside</a>, net outflows totaled just over $200 million.
“Surprisingly, even though Bitcoin pumped up yesterday the ETF flows were significantly negative. One of the largest -ever days we have had,” popular analyst Mark Cullen wrote in a <a href="https://twitter.com/mark_cullen/status/1777549293924028723" target="_blank" rel="noopener nofollow">response</a> on X (formerly Twitter).
The two largest ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), nonetheless avoided losses, maintaining an unbroken streak of inflows.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/3696c40f-8a69-4c8c-a0ff-0978ca7274a6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF flows (screenshot). Source: Farside
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</figure>
Market participants had expected net flows to improve after bankrupt crypto lender Genesis announced last week that it had completed its own <a href="https://cointelegraph.com/news/genesis-crypto-lender-bankrupt-bitcoin-purchase-grayscale-gbtc">multibillion-dollar offloading of GBTC shares</a>, which it would in turn use to buy BTC.
“Overall a very slow day for ETF flows considering the price action,” popular commentator WhalePanda wrote in part of his own <a href="https://twitter.com/WhalePanda/status/1777547212764987396" target="_blank" rel="noopener nofollow">follow-up analysis</a>. 
<blockquote data-ct-non-breakable="true">
 “Might be profit taking, although EFTs usually are held for long term. US Tax day is the 15th, don’t know how much that might be a factor.”
</blockquote>
<h2 data-ct-non-breakable="true" id="traders-stick-to-their-btc-price-targets">Traders stick to their BTC price targets</h2>
Considering short-term BTC price action, meanwhile, traders looked for signs of a reversal upward.
Related: <a href="https://cointelegraph.com/news/path-to-80k-5-things-bitcoin-this-week">Plotting the path to $80K — 5 things to know in Bitcoin this week</a>
Trader Crypto Ed, who began the week with an $80,000 target, eyed $73,000 as the first port of call for upward continuation.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/af673e2e-6826-4c69-982b-6001edbcf9a8.png" alt="" title="">
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 Source: <a href="https://twitter.com/Crypto_Ed_NL/status/1777593546859536420" target="_blank" rel="noopener nofollow">Crypto Ed</a>
 </figcaption>
</figure>
“Bitcoin successfully retested the 2021 cycle high — but bears are going for a second attempt of pushing prices lower,” fellow trader Jelle <a href="https://twitter.com/CryptoJelleNL/status/1777597518466986072" target="_blank" rel="noopener nofollow">continued</a>, referring to the day’s return to near $69,000. 
<blockquote data-ct-non-breakable="true">
 “Time to wait and see what today brings. Once price successfully holds above $71,400, new all-time highs are next.”
</blockquote>
A <a href="https://twitter.com/CryptoJelleNL/status/1777600877764739425" target="_blank" rel="noopener nofollow">further post</a> maintained a breakout target of $82,000.
Others were more cautious, among them trader and chartist Credible Crypto, reiterating an <a href="https://twitter.com/CredibleCrypto/status/1774992722043998466/photo/1" target="_blank" rel="noopener nofollow">existing theory</a> that called for a fresh BTC price dip to $60,000 or lower.
“Covered the move up to the highs that we are seeing now and covered the correction after that I expect to follow. Nothing has changed,” part of an <a href="https://twitter.com/CredibleCrypto/status/1777502419200655738" target="_blank" rel="noopener nofollow">X update</a> stated.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/e81ef77b-6a1d-48bb-9a34-6a3b5ed72cfd.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Credible Crypto/X
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin ETFs see surprise $200M outflow — Will the new $69K support hold?

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