- Bitcoin price recovered above $40k on January 24, 2024 as spot Bitcoin ETFs saw inflows while GBTC had major outflows
- There were significant crypto liquidations over the past 24 hours totaling $105.6 million, with large amounts of BTC and ETH liquidated
- GBTC saw $754 million in outflows while other spot Bitcoin ETFs had $4.95 billion in inflows, potentially impacting Bitcoin prices as more supply enters the market
Bitcoin’s price has recovered past $40,100 on January 24, 2024, as spot Bitcoin ETFs continue to see significant inflows and outflows of funds. The overall crypto market is also up today, with leading assets like Solana, Dogecoin, and Avalanche seeing gains.
Market Liquidations
There were significant liquidations in the crypto market over the past 24 hours. According to Coinglass, 37,063 traders were liquidated for $105.6 million, with $39.11 million in BTC and $23.75 million in ETH liquidations.
GBTC Outflows’ Impact
Grayscale’s Bitcoin Trust (GBTC) saw major outflows recently. CryptoSlate Insights found that 19,236 BTC left GBTC on January 23, valued at over $754 million.
While GBTC saw outflows, other spot Bitcoin ETFs had inflows. Analyst James Seyffart reported $3.96 billion in GBTC outflows over 8 days, and $4.95 billion of inflows into other funds. Overall spot Bitcoin inflows were $982.9 million.
More Bitcoin entering the market from funds could increase supply available to investors, potentially decreasing prices. Fading hype around spot Bitcoin ETFs may also impact prices.
Conclusion
Bitcoin’s price has recovered above $40k, even amidst major outflows from GBTC and inflows into other spot BTC ETFs. Liquidations were also significant over the past day. Ongoing movements of Bitcoin into and out of funds could continue to impact crypto market prices.
