As a researcher with extensive experience in the crypto market, I’ve been closely monitoring the trends in Bitcoin Exchange-Traded Funds (ETFs), specifically the Grayscale Bitcoin Trust (GBTC). The latest development is quite significant as the fund experienced $30 million in outflows in the last 24 hours. This brings the total exits to a staggering 373,400 BTC since spot ETFs were launched in the US.
The Grayscale Bitcoin ETF (GBTC) has seen another $30 million worth of withdrawals over the past day. Last week, there were larger outflows as a result of the broader market correction, but today’s gains have led to more modest ETF outflows overall. The price of Bitcoin rose along with the market, which experienced a 0.9% inflow.
Grayscale Bitcoin ETF Record Outflows
Approximately $30 million worth of Bitcoin, equivalent to 490 coins, was sold by Grayscale recently, bringing their total withdrawals since the debut of US spot Bitcoin ETFs to around 340,000 coins. This development aligns with a pattern of greater outflows from Grayscale compared to newly introduced ETFs. The fund experienced losses amounting to $150 million and $450 million over the past week and past month, respectively.
As a researcher studying the Bitcoin market, I’ve observed that my fund has offloaded approximately 18,000 Bitcoins this year while continuing to hold a substantial amount of 29,331 BTC. BlackRock and other issuers have reported increased volumes as market activities gained momentum. The primary reason driving investors away from Grayscale and towards other issuers is the difference in pricing. New entrants like BlackRock offer lower fees compared to Grayscale. Another less significant factor could be the buzz and marketing efforts surrounding these new products, which might pique investor interest.
As an analyst, I would rephrase it as follows: I played a significant part in the process leading to the SEC’s approval of spot Bitcoin ETFs. This came about following a landmark market judgment. During the run-up to these approvals, the SEC expressed concerns regarding potential risks related to trade manipulations.
Bitcoin and Crypto Activities See Gains
Decentralized finance (DeFi) industries and institutional sectors experienced significant withdrawals due to the sliding prices of digital assets, including Bitcoin which dipped below $61,000. This price drop caused other digital assets’ values to follow suit, resulting in a decrease in the total market capitalization from approximately $2.6 trillion to around $2.2 trillion.
I’ve analyzed the past 24 hours and noticed a shift in crypto market trends. Bitcoin, Ethereum, and various altcoins experienced minor price surges, leading to a 0.91% growth in the overall market capitalization.
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2024-06-26 07:45