Mithat Can Kartlaşmış 
Bitcoin rebounded to retake the $42,000 price threshold, gaining strong momentum as Grayscale Investment’s GBTC saw its smallest outflow since going live.
You might like: Patreon Users Receive Phishing Emails Posing as the Platform
The major cryptocurrency has displayed notable resilience following a temporary pullback after the regulatory green light for a spot Bitcoin exchange-traded fund (ETF) in the United States.
Since trading as a Bitcoin spot ETF on January 11, the Grayscale Bitcoin Trust (GBTC) has seen an outflow of about $4.8 billion from its assets.
At the same time, Bitcoin, the world’s largest cryptocurrency by market capitalization, fell by about 20% and dropped below the $40,000 price threshold during the same period.
Bitcoin Resurges as GBTC Outflows Slow
As the weekend approached, the Bitcoin market witnessed an upward trend, driven by growing sentiment among investors that outflows from the Grayscale Bitcoin ETF (GBTC) could be entering a slowdown phase.
Bitcoin initially traded above the $41,000 level and then reached a weekly high of $42,202 with a significant gain of 6%.
According to data captured by Bloomberg Intelligence ETF analyst James Seyffart, GBTC recorded a closing value of $394.1 million on its tenth trading day, down 8% from the previous trading day.
Furthermore, Bloomberg Intelligence senior ETF analyst Eric Balchunas highlighted that the reported figure, while seen as “low” compared to previous levels, still represents a significant amount.
In a tweet, Balchunas said, “Outflows today were just $425 million, the lowest bleed since day one and appears to be trending down. That said, this still shows it’s a pretty big number.”
He also added: “This figure confirms the pointlessness of looking at wallets all day.” Balchunas said on Thursday: “As a sort of predictor of flows. These had much higher numbers today. Best predictor has been volume, low volume = less bad outflows.“