The start of this month was marked by the approval of 11 different US spot ETFs for Bitcoin (BTC). But shortly after, the largest Bitcoin exchange fund suddenly began a huge decline, sparking some fears. This trend continued on Thursday, but the first bright spot appeared on Friday.
Crypto Review: Bitcoin Reaches Significant Milestone, But Fear Prevails
Bitcoin news
Grayscale is still selling BTC, but performance is declining
On the social media platform This is worth about $520 million at current prices. On Wednesday there were still more than 18,000 BTC, i.e. more than 700 million dollars.
However, there is a clear downward trend in how many Bitcoins are flowing out at Grayscale. On Friday, that fell to 450 million, a “big drop,” says Daan Crypto on X.
GBTC is currently by far the largest Bitcoin exchange fund in the world. According to data from Yahoo Finance, the company has invested more than $26 billion in Bitcoin for customers. But Grayscale's flagship exchange fund has seen hundreds of millions of dollars in capital flight since converting to a spot ETF. Today, this does not appear to have stopped, although analysts say it is at least starting to slow down. The new on-chain data shows the same.
Good news about reducing grayscale?
While Grayscale's decline in outflows is good news at first glance, there are still concerns about the broader ETF landscape. For example, today’s analysis showed that inflows into all Bitcoin ETFs are declining.
This could indicate that demand for Bitcoin ETFs is decreasing, which could also reduce demand for Bitcoin itself. Would you like to know more about what this might mean? Read the latest macroeconomic update here.
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