Bitcoin Momentum Builds as GBTC Outflows Stabilize

Bitcoin price remains strong with potential for a new record high as GBTC outflows stabilize, indicating positive institutional sentiment.

Bitcoin price has shown resilience despite recent turbulence in the market, with institutional outflows from the Grayscale Bitcoin Trust (GBTC) dropping to $170 million on March 22. This reduction in outflows suggests a potential turning point in momentum, as highlighted by various analysts and industry figures.

Investor Alistair Milne pointed out the significant slowdown in GBTC selling, indicating a shift in market dynamics. Willy Woo, known for his on-chain analysis, also suggested that the worst of the sell-off might be over, anticipating a consolidation phase leading up to the halvening event.

Pseudonymous commentator WhalePanda echoed these sentiments, expressing optimism about Bitcoin near-term price action. However, some critics remain skeptical of GBTC, attributing its outflows as a major hindrance to

Bitcoin growth. Despite this, the overall sentiment remains positive, with spot Bitcoin products witnessing historic success since their launch, signaling growing institutional interest in the cryptocurrency.

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