Crypto asset manager Grayscale has been in the spotlight since the historic launch of Bitcoin (BTC). Exchange-traded funds (ETFs) very negative in the news. This is related to the large outflow from its spot ETF, which was previously a regular trust fund. Billions of euros in Bitcoins have already flowed out of the fund, but there is still a huge mountain left.
“Bitcoin price will fall below $40,000,” Crypto CEO said
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BTC outflow grayscale
Last Wednesday, the day the American… Securities and Exchange Commission After Grayscale approved eleven Bitcoin spot ETFs, Grayscale's fund already owned 619,162 BTC. With the approval, Grayscale's fund, GBTC, was converted into a spot ETF.
Blockchain analytics platform Lookonchain announced today in a News on social media platform The data comes from the Grayscale website, the report says.
In total, the fund is down by 52,227 BTC. At the current BTC price, this is worth $2.14 billion. In euros, this corresponds to 1.97 billion euros.
The exodus is largely due to the relatively high fees that Grayscale charges for its ETF. With costs of 1.5 percent, it is significantly higher than the competition.
Grayscale CEO Michael Sonnenshein last week defended the relatively high costs and said he believes most other ETFs won't survive.
The well-known crypto billionaire answers
Due to the gigantic GBTC outflow, sentiment in the crypto market has suffered a major downturn. It is not for nothing that the Bitcoin price is well below the absolute high of $49,000, which was reached shortly after mass approval.
Mike Novogratz, CEO of crypto service provider Galagy Digital, does not believe that major problems lie ahead for Bitcoin. On X divided He expects the majority of GBTC outflow to flow into other ETFs, causing the Bitcoin price to go higher “in 6 months.”
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