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All articles tagged with #gbtc

cryptocurrency1 year ago

"Bitcoin Analyst Predicts 10x Price Post-Halving: What Makes This Time Different?"

Genesis, a struggling crypto-lending company, sold off 36 million shares of GBTC to acquire 32,041 BTC, valued at $2.1 billion, in a bid to address financial challenges and potential bankruptcy. This move was likely prompted by the desire to capitalize on the recent surge in Bitcoin prices and to settle debts with creditors. As Bitcoin's fourth halving approaches, whales are accumulating BTC, hinting at a bullish outlook. Analysts, including Anthony Scaramucci, anticipate a significant upside for Bitcoin post-halving, with a potential surge of six to ten times, although not immediately.

via AMBCrypto News|
#bitcoin#cryptocurrency#gbtc
finance-cryptocurrency1 year ago

Bitcoin ETF Outflows Surpass $300 Million, Overtaking Grayscale and Setting Record Volumes

Ark Invest's 21shares's spot Bitcoin ETF, ARKB, experienced net daily outflows of $87.5 million on April 2, surpassing Grayscale's GBTC for the first time. Since the SEC approved multiple spot Bitcoin ETFs in January, Grayscale has consistently seen investors withdraw funds due to lower fees charged by other ETFs. With the upcoming halving of Bitcoin's supply, some analysts speculate that ETFs' demand for BTC could lead to a supply crunch and drive up its price, while others argue against the idea of an ETF-led "supercycle."

via Decrypt|
#ark-invest#bitcoin-etf#finance-cryptocurrency
cryptocurrency1 year ago

Bitcoin ETF Outflows: Investors' Strong Hands Amidst Record Net Outflows

Grayscale's Bitcoin Trust (GBTC) is projected to deplete its Bitcoin reserves within the next 96 days due to consistent outflows, with its balance dropping by 266,470 BTC since January. The outflows are attributed to profit-taking investors, arbitragers, and high fees. Grayscale's CEO acknowledged the anticipated outflows and mentioned plans to introduce a mini fund and reduce the 1.5% fee to counteract the trend.

via BeInCrypto|
#bitcoin#cryptocurrency#etf
cryptocurrency1 year ago

Bitcoin's Price Plummets as ETF Outflows Continue

Bitcoin slipped to below $63,000 amid a broader crypto sell-off, with the price currently at $64,000, down 3.7% over the past 24 hours. Large outflows from the Grayscale Bitcoin Trust (GBTC) have contributed to the sell-off, with nearly all U.S.-listed spot bitcoin ETFs experiencing net negative flows for four consecutive days. Analysts believe that once the GBTC selling is completed, ETF inflows could pick up again due to favorable macro conditions and central bank policy.

via CoinDesk|
#bitcoin#crypto-markets#cryptocurrency
cryptocurrency1 year ago

Bitcoin's Price Volatility: Beyond ETFs and Retail Investors

Despite the recent approval of Bitcoin ETFs, the surge in institutional investors and heightened investor interest are seen as key drivers of Bitcoin’s demand and supply, with ETFs potentially having an indirect impact on Bitcoin’s price through increased adoption and market validation. GBTC outflows totaling $1.4 billion in a week’s time suggest increased investor interest, while the complex price trajectory of Bitcoin indicates that factors beyond ETF inflows are playing a significant role in its price movements.

via AMBCrypto News|
#bitcoin#cryptocurrency#etfs
cryptocurrency1 year ago

"Grayscale Introduces Mini Bitcoin ETF Amid $1.4 Billion Crypto Investment Surge"

Grayscale has filed an application with the SEC for a new spinoff product called the Bitcoin Mini Trust, which will use the $BTC ticker and be seeded with GBTC shares. The proposed ETF aims to have a lower fee structure compared to existing options and is not expected to trigger a taxable event for GBTC holders. Grayscale's move comes as GBTC has seen significant outflows following the launch of other Bitcoin ETFs, with the company aiming to make Bitcoin more widely accessible. If approved, the Bitcoin Mini Trust will be established as a separate entity from GBTC.

via The Defiant - DeFi News|
#bitcoin#cryptocurrency#etf
cryptocurrency1 year ago

Grayscale's Bitcoin Mini Trust Aims to Stem GBTC Losses

Grayscale has filed for a new Bitcoin ETF product, the Grayscale Bitcoin Mini Trust, in an effort to offset the outflows from its Grayscale Bitcoin Trust (GBTC). The new fund will be seeded as a "Spin-Off" of GBTC, diverting some of its Bitcoin stash, and existing GBTC shareholders will receive a proportional number of BTC shares. Analysts believe this move aims to address investors' preference for lower fees offered by competitors, as Grayscale continues to charge 1.5% compared to 20-30 basis points by others. Lowering fees would impact Grayscale's revenue, so the "Spin-Off" approach is seen as a middle ground to attract new investors while maintaining revenue.

via Decrypt|
#bitcoin#cryptocurrency#etf
finance1 year ago

"Grayscale's Mini Bitcoin Trust: A Solution to Billions Shed and Fee Exodus"

Grayscale has filed an S-1 form with the SEC to register a mini version of its Grayscale Bitcoin Trust (GBTC), called the Grayscale Bitcoin Mini Trust, which is intended to offer additional exposure to bitcoin for investors without incurring extra taxes. The mini trust, operating independently from GBTC, will be listed on the NYSE and distributed to GBTC shareholders as GBTC contributes a certain amount of bitcoin to the trust. The move comes as Grayscale's market share of cumulative spot bitcoin ETF trading volume dropped to its lowest point, with BlackRock and Fidelity's ETFs accounting for 69% of the total trading volume.

via The Block|
#bitcoin#finance#gbtc
cryptocurrency1 year ago

Bitcoin Price Rises as GBTC Sell Pressure Eases

Bitcoin rose nearly 4% to $41,362.64 as concerns about outflows from the Grayscale Bitcoin ETF (GBTC) eased, with analysts noting a slowdown in redemptions. Ether also saw a 1.5% increase, but is on track for a 10% weekly decline. Despite a sharp drop earlier in the week, Bitcoin-related equities have outperformed the cryptocurrency, with Coinbase, Riot Platforms, and Marathon Digital all set to end the week with gains.

via CNBC|
#bitcoin#cryptocurrency#ether
cryptocurrency2 years ago

Grayscale's GBTC Transfers Over 100K BTC Amid Bitcoin ETF Battle

Grayscale's Bitcoin Trust (GBTC) has moved over 100,000 BTC to exchanges since the launch of spot bitcoin ETFs, with the majority going to Coinbase Prime for potential sale. The outflows may not all be related to redemption, as some could be settlements of trading activity. Grayscale's management fee cut and AUM decline have contributed to the massive outflow, putting pressure on bitcoin's price, which recently dropped below $40,000. Despite hopes of a slowdown in GBTC exits after FTX's sale, the movement of 19,000 BTC to exchanges indicates ongoing selling pressure.

via CoinDesk|
#bitcoin#coinbase-prime#cryptocurrency
cryptocurrency2 years ago

"FTX's $1B Grayscale Bitcoin ETF Sale Sparks BTC Price Drop to $40.6K"

The poor price performance of Bitcoin since the launch of U.S.-based spot ETFs has been partly attributed to sizable sales of Bitcoin from the Grayscale Bitcoin Trust (GBTC). However, a report revealed that the bankruptcy estate for failed crypto exchange FTX sold its entire 22 million share holding of GBTC for nearly $1 billion, indicating that more than one-third of the selling of GBTC was due to one non-economic actor. This news suggests that there was nearly $1 billion more of fresh investment into the new spot ETFs than previously thought, providing a bullish outlook for Bitcoin despite its current lower price.

via CoinDesk|
#bitcoin#cryptocurrency#cryptocurrency-exchange
cryptocurrency2 years ago

"JPMorgan Warns of $1.5B Potential GBTC Sales as Grayscale CEO Defends Bitcoin ETF Fees"

JPMorgan analysts predict that Grayscale's GBTC could see an additional $1.5 billion in sales as traders exit the space following the ETF conversion, putting pressure on bitcoin prices. The bank warns that if GBTC loses its liquidity advantage, an additional $5 billion-$10 billion could exit the fund. Meanwhile, other spot bitcoin ETFs have attracted $3 billion in inflows in just four days, reflecting a rotation from existing bitcoin vehicles such as futures-based ETFs.

via CoinDesk|
#bitcoin#cryptocurrency#etfs
cryptocurrency2 years ago

Bitcoin ETF Trades $1.5B as BTC Price Surges Towards $100k

Bitcoin institutional investment vehicles, including Bitcoin exchange-traded funds (ETFs) and the Grayscale Bitcoin Trust (GBTC), are experiencing increased trading volume as anticipation grows over potential regulatory changes in the United States. The ProShares Bitcoin Strategy ETF (BITO) and GBTC saw significant trading volume, with BITO trading $1.7 billion and GBTC trading $800 million. The reduced discount of GBTC to the Bitcoin spot price suggests renewed interest in institutional investment options. The data indicates a resurgence in demand for Bitcoin investment vehicles, potentially signaling a growing audience for spot ETFs.

via Cointelegraph|
#bitcoin#cryptocurrency#etfs
cryptocurrency2 years ago

Bitcoin Surges on ETF Optimism, Approaching $30,000

Bitcoin approaches $28,000 as Grayscale's hopes for a spot ETF are revived after the SEC decides not to appeal a court ruling that criticized its initial rejection of Grayscale's Bitcoin ETF filing. The discount on Grayscale's Bitcoin Fund (GBTC) has decreased to 15.8%, the lowest since late 2021. Solana, an "Ethereum killer," sees a 5% increase in value, while Binance's BNB token rises by almost 3% after a $450 million burn of tokens. The wider cryptocurrency market gains 2.4%, adding $24.8 billion to the total market cap.

via Decrypt|
#bitcoin#cryptocurrency#etf
cryptocurrency2 years ago

Bitcoin ETF Race Heats Up as Grayscale Shares Surge and Fidelity Joins the Fray

Grayscale Bitcoin Trust's (GBTC) share price reached a one-year high as investors were optimistic about the possibility of converting the trust into an exchange-traded fund (ETF) following reports of Fidelity Investments preparing to apply for a spot bitcoin ETF. GBTC closed at $19.47, its highest since June 2020, while BTC remained mostly flat. The discount on GBTC's share price relative to its net asset value dropped to 30%, the lowest since September 2020. The recent rally in GBTC was initially triggered by BlackRock's filing for a BTC ETF, and investors are hopeful that Grayscale's lawsuit against the SEC will have a positive outcome, potentially leading to the removal of the discount and listing as an ETF.

via CoinDesk|
#blackrock#cryptocurrency#etf