Bitcoin price regains $66,000 despite 4 days of ETF outflows

Bitcoin price impressively climbed to the $66,000 mark despite four consecutive days of net outflows from Bitcoin spot exchange-traded funds (ETFs) totaling $93.85 million. According to data from Farside Investors, Grayscale ETF GBTC experienced significant outflows yesterday, with a single-day net outflow of US$358 million. GBTC alone reached a historical net outflow of US$13.63 billion. In stark contrast, the BlackRock Bitcoin Spot ETF (IBIT) saw net inflows of $233 million yesterday, bringing IBIT’s total net inflows to $13.32 billion. That's slightly below average for BlackRock, which has seen $271.9 million in inflows since its launch on Jan. 11. Other ETFs have also performed less well in recent days. Fidelity’s second-largest ETF FFBTC has seen average daily inflows of $141.5 million so far, but yesterday’s inflows were a disappointing $2.5 million. While the past few days have been pretty disappointing, it’s worth noting that the outflows came (almost) entirely from Grayscale’s GBTC, while other investors held on tight to their Bitcoin investments. This means it's only a matter of time before outflows from Grayscale stop, and even small inflows from other ETFs can have a big impact (no outflows). Currently, BTC bulls have reversed the losses seen on March 19. The coin is trading above the 20-day moving average. Optimists can consider $73,800 as a short- to medium-term target. $BTC