tl;dr
Following its approval as a spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC) has experienced significant outflows, leading to a 15% decline in its BTC holdings in the past seven trading days. Outflows have been high on specific dates, and concerns have been raised about the trend continuing. The...
Following its approval as a spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC) has experienced significant outflows, leading to a 15% decline in its BTC holdings in the past seven trading days. Outflows have been high on specific dates, and concerns have been raised about the trend continuing. The nearly $4 billion outflows from GBTC are expected to affect BTC's price, with analysts predicting stagnation or a decline until the liquidation is complete. However, there is optimism that investors will shift their focus to alternative ETFs, leading to a rally in bitcoin's price.
The Grayscale Bitcoin Trust (GBTC) has recorded massive outflows since the United States Securities and Exchange Commission (SEC) approved its conversion and listing as a spot Bitcoin exchange-traded fund (ETF). This has led to a significant plunge in its Bitcoin (BTC) stash, and from the look of things, the withdrawals are not slowing down. According to data shared by Ki Young Ju, the founder and CEO of on-chain analytics platform CryptoQuant, GBTC’s BTC holdings fell by 15% in the past seven trading days.
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