EddieJayonCrypto
27 Feb 24
Following a brief spike in sales last week, outflows from the Grayscale Bitcoin Trust (GBTC) have decreased again since it became an ETF in January. U.S. Bitcoin spot ETFs saw $232.2 million in net inflows on Friday, which included $44.2 million of outflows from GBTC. Since converting, Grayscale's f...
Following a brief spike in sales last week, outflows from the Grayscale Bitcoin Trust (GBTC) have decreased again since it became an ETF in January. U.S. Bitcoin spot ETFs saw $232.2 million in net inflows on Friday, which included $44.2 million of outflows from GBTC. Since converting, Grayscale's fund has lost $7.4 billion, and more than $500 million in outflows per day were seen before slowing towards the end of January. A likely suspect for the ETF selling is Genesis, a bankrupt crypto lender approved to sell $1.6 billion in GBTC shares earlier this month. On Monday, the price of Bitcoin broke past resistance around $53,000 and reached $54,500, while BlackRock, Grayscale's rival, broke a daily trading volume record for its Bitcoin ETF, surpassing $1 billion.
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