Approximately $18 million worth of investments left Grayscale’s bitcoin exchange-traded fund (ETF) on Wednesday, marking a historic low since its debut in January, according to Bitmex Research and Farside Investors’ recent updates.
After Michael Sonnsonhein, Grayscale CEO, stated that the sale of Bitcoin from the Grayscale Bitcoin Trust (GBTC) due to settlements of bankrupt crypto firms like FTX is mostly over, new data reveals outflows from the trust.
Coinbase Institutional’s analysts have suggested that some of the heightened selling of Grayscale Bitcoin Trust (GBTC) shares could be attributed to Genesis Trading offloading its holdings during their bankruptcy proceedings.
Since its launch, the GBTC product has experienced significant outflows of approximately $15 billion worth of bitcoin. This trend has persisted with weekly outflows, potentially intensifying the selling pressure on the cryptocurrency.
One way to rephrase this sentence in a more natural and easier-to-understand manner is: The EFT has the highest annual fee among its competitors at 1.5%, contrasting with Franklin Templeton’s EZBC, which charges as little as 0.19%.
In European morning time, Bitcoin’s price hovers around $70,600 with a gain of 2.2% over the last 24 hours. The larger CoinDesk index, consisting of 20 cryptocurrencies, experienced a 1.7% increase.
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2024-04-11 14:41