BTC Outperforms Broader Crypto Market, Ether Price Drop Mirrors Bitcoin ETF Launch

Outflows from the Grayscale Bitcoin Trust (GBTC), the world’s largest bitcoin fund at the time, which converted from a closed-end structure into an ETF that allowed redemptions for the first time in 10 years, weighed on bitcoin’s price over the first weeks. Later, inflows to rival funds overcame the negative trend, propelling BTC to an all-time high in March.