Grayscale Bitcoin ETF Sees Lowest Outflow Since Conversion as Bitcoin Minetrix ICO Soars Towards $12 Million

bitcoin price fell 1% in the last 24 hours to trade at bitcoin/”>$51,000 at 4:30 a.m. EST on trading volume that plummeted 8% to $15 billion.

The price of the coin also dropped by 3% over the past week, but there is better news from the Grayscale bitcoin Trust (GBTC), where capital outflows hit their lowest point since the fund's conversion to a spot bitcoin ETF (exchange-traded fund) on January 11.

Data from BitMEX Research shows that withdrawals for GBTC totaled $44.2 million on February 23. This is after the fund recorded $5.64 billion in outflows in January, with $640 million withdrawn from the ETF on January 22 alone.

The lower fees of competing bitcoin ETFs (some of which charge only around 0.19%) have attracted investors to rebalance their portfolios toward other products. Experts believe that the slowdown in the exit rate suggests an upcoming stabilization.

bitcoin price prediction

The price of bitcoin sank again with the arrival of Monday, February 26, reaching support at $51,000 for the third time in the last week. However, the support appears to be strong enough to hold and at the time of writing, the coin is already showing signs of recovery.

Several technical indicators suggest this, including bitcoin's Relative Strength Index (RSI), which has bottomed at level 30. However, after entering the oversold zone, the RSI level began to rise again, rising to 41.47 at that time. of writing.

While this is still relatively low, the RSI is clearly moving back up towards a more neutral area, which could indicate stability or even further growth in both the commitment and price of the coin.

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Accompanying the rise in the RSI score are the coin's Bollinger Bands, which saw another widening in the last 24 hours, which is generally a bullish sign. While the price is currently much closer to the lower band, the price is likely to rise, potentially back to the $52,000 resistance.

If the bulls manage to maintain the buying pressure, the recovery, which is expected to occur in the coming hours, and possibly days, could turn into a sharp rise and perhaps even surpass the $52,000 mark.

While this is a very optimistic scenario, given that this resistance has been holding the coin back for almost two full weeks, btc is expected to break through it eventually.

Market sentiment is slowly turning bullish again and after this recent drop, many traders are likely to take action and start buying.

Promising alternatives to bitcoin

One of the biggest and most attractive alternatives to bitcoin itself right now is a project called bitcoin Minetrix (BTCMTX). This is a cloud mining project that allows users to stake its native token, BTCMTX, and receive credits that they can then use to mine bitcoin.

The project is currently in the final stages of pre-sale, but there is still time for new buyers to join. So far, its pre-sale has raised $11.4 million and is approaching the goal of $12.374 million.

Only 1 day left for stage 24 of #BitcoinMinetrix wraps up!

What role does transaction privacy play in bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining? pic.twitter.com/Qay5cX1syl

—Bitcoinminetrix (@bitcoinminetrix) February 9, 2024

Meanwhile, the tokens are available for just $0.0137 each right now, with a price increase scheduled in less than four days.

One thing that sets this cloud mining platform apart from others is that it is fully decentralized and transparent. The project was designed this way to help users develop confidence in it.

With so many fraudulent cloud mining platforms that have emerged in the past, the crypto community is right to be skeptical of such platforms, something that bitcoin Minetrix understands well.

By decentralizing its platform, it ensured that the community will always be completely in charge of it, so jerks can never occur.

If you want to join the pre-sale and buy the token before it likely skyrockets at launch, you can get it in exchange for eth or USDT. Alternatively, you can also purchase it directly with your debit or credit card.

Visit and buy BTCMTX here.

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New crypto mining platform: bitcoin Minetrix

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• Audited by Coinsult
• Secure and decentralized cloud mining
• Earn free bitcoin daily
• Native Token on Pre-Sale Now – BTCMTX
• Staking Rewards: Over 50% APY

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