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Grayscale Bitcoin Trust

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finance1 year ago

"Institutional Outflows: Bitcoin ETF and Crypto Funds See Record Withdrawals"

Grayscale Bitcoin Trust saw $1.9 billion in outflows last week, leading U.S. spot bitcoin exchange-traded funds into net outflows, despite buying interest in new funds from BlackRock and Fidelity Investments. Grayscale's outflows were attributed to higher fees compared to rivals and selling by bankruptcy trustees, prompting the firm to consider fee cuts. In contrast, BlackRock's iShares Bitcoin Trust witnessed significant gains, reaching $10 billion in assets, while Wealthfront opted to replace Grayscale's ETF with the iShares fund due to its low fee and high trading volumes. The price of bitcoin remains about 9% below its peak, impacting ETF flows, with the key to revival potentially lying in more stable prices and increased institutional investor interest.

via Yahoo Finance|
#blackrock#cryptocurrency#etfs
cryptocurrency-market1 year ago

"Spot Bitcoin ETF Flows Drive Crypto Market Amid Record GBTC Outflows"

The cryptocurrency market is closely monitoring the outflows from spot bitcoin exchange-traded funds (ETFs) rather than focusing on fundamentals, as the recently approved products saw their first week of net outflows in two months. Coinbase reported that the Grayscale Bitcoin Trust (GBTC) experienced $1.83 billion in outflows over four days, with potential selling pressure coming from the bankruptcy estate of Genesis Global. Despite the uncertainty surrounding the recent outflows, Coinbase suggested that the majority of creditor payments being made in crypto rather than cash should eventually have a net neutral effect on bitcoin performance.

via CoinDesk|
#bitcoin#coinbase#cryptocurrency-market
finance1 year ago

Bitcoin ETF Outflows Reach Record Levels Amid Price Volatility

Bitcoin exchange-traded funds (ETFs) have experienced a record three-day outflow of over $742 million, with the Grayscale Bitcoin Trust leading the trend with $1.4 billion in outflows this week. The recent decline in Bitcoin's price has prompted retail investors to exit positions, while institutional investors and registered investment advisors remain cautious in their approach to allocating funds to Bitcoin-related products. Despite the outflows, the ETFs have seen net inflows of over $11.4 billion to date, making their debuts some of the most successful ever.

via Fortune|
#bitcoin#etfs#finance
cryptocurrency1 year ago

Bitcoin ETFs Experience Record Outflows Amid Volatile Market Period

US spot-Bitcoin exchange-traded funds experienced their largest three-day outflow since their launch in January, with a net $742 million leaving the ETFs from Monday through Wednesday. This reflects outflows from the Grayscale Bitcoin Trust and a moderation in subscriptions for rival offerings from companies like BlackRock Inc. and Fidelity Investments. Despite this, the funds have still garnered net inflows of $11.4 billion to date, making it one of the most successful debuts for an ETF category. The outflows coincided with Bitcoin's 5% jump on Wednesday in the US, following Federal Reserve signals pointing to interest-rate cuts, but the rally fizzled in Asia on Thursday.

via Yahoo Finance|
#bitcoin#cryptocurrency#etfs
cryptocurrency1 year ago

"Crypto Market Soars: Bitcoin Reclaims $67K, Ether Rebounds, and DOGE Surges"

After a recent dip, Bitcoin has surged back, reclaiming a price of $66,828.32, following a flash crash on BitMex that caused the price to plummet to $8,900. Despite the recovery, Bitcoin funds have seen significant withdrawals, with Grayscale Bitcoin Trust experiencing $1.5 billion worth of outflows this week. BlackRock's iShares Bitcoin Trust could potentially overtake GBTC as the top spot in the spot Bitcoin ETF category in early April.

via Decrypt|
#bitcoin#bitmex#btc
cryptocurrency1 year ago

Bitcoin Price Surges Toward $44K Amidst ETF Inflows and Reduced Options Interest

Bitcoin's price surged to nearly $44,000 as 10 spot bitcoin ETFs experienced their first net inflows in a week, adding over 4,200 bitcoin worth roughly $183 million to their holdings. Despite slowing outflows at the Grayscale Bitcoin Trust, which saw an average of $470 million exiting in the first six days after the ETFs began trading, the new ETFs have now seen total net inflows topping $1 billion over the first 12 trading days since approval on Jan. 10.

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

"Grayscale's GBTC Transfers 12213 BTC to Coinbase Prime, Eases Bitcoin Selling Pressure"

JPMorgan suggests that the selling pressure in bitcoin caused by profit-taking in the Grayscale Bitcoin Trust (GBTC) may be largely over, with an estimated $4.3 billion already leaving the trust. The bank notes that the launch of spot bitcoin exchange-traded funds (ETFs) in the U.S. has contributed to this, and predicts that outflows from GBTC to these ETFs will likely continue if Grayscale does not lower its fees. Additionally, FTX's bankruptcy estate has also added to the selling pressure by dumping around $1 billion worth of GBTC.

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

FTX's $1B Sale of Grayscale's Bitcoin ETF Sparks Significant Outflows

FTX has sold nearly $1 billion worth of Grayscale Bitcoin Trust (GBTC) shares since its conversion into an exchange-traded fund (ETF), reducing its GBTC ownership to zero, while GBTC experienced outflows of over $2 billion. Grayscale's approval to convert its bitcoin trust into an ETF, making it the world's largest bitcoin ETF with over $28.6 billion in assets under management, marked a significant milestone for the cryptocurrency industry, as the U.S. Securities and Exchange Commission approved 11 spot bitcoin ETFs, signaling a shift towards mainstream acceptance.

via Yahoo Finance|
#cryptocurrency#etf#ftx
cryptocurrency2 years ago

"Grayscale Sell-Off Sparks Bitcoin Price Volatility and ETF Shift"

FTX's bankruptcy estate sold about $1 billion worth of Grayscale Bitcoin Trust (GBTC) shares, explaining a significant portion of the recent outflow from the fund following its conversion into an exchange-traded fund. The exodus occurred after the U.S. Securities and Exchange Commission approved the trading of spot bitcoin ETFs, with FTX's sale of 22 million shares contributing to the substantial outflow. Despite high expectations for bitcoin's price following the ETF approval, it has instead fallen. With FTX's substantial holdings now sold, the selling pressure on GBTC may ease.

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

"Bitcoin's Post-ETF Approval Slide: Prices Plummet to Lowest Level"

Bitcoin has dropped over 15% to around $41,300 since the first U.S. spot BTC ETFs listed last week, with $1.5 billion flowing out of the Grayscale Bitcoin Trust. Analysts believe that GBTC investors are taking full profit post-ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs, putting further pressure on bitcoin prices. Meanwhile, Ether could soar in 2024 on the back of hopes of a spot ETH ETF listing and Ethereum's upcoming Dencun upgrade, while ARK Invest sold a further $15 million worth of shares in the ProShares Bitcoin Strategy ETF and pivoted toward its own spot bitcoin ETF.

via CoinDesk|
#ark-invest#bitcoin#cryptocurrency
cryptocurrency2 years ago

Bitcoin Tumbles to One-Month Low Amid ETF Disappointment

Bitcoin has dropped to its lowest level since mid-December as the excitement over new exchange-traded funds (ETFs) fades, causing the cryptocurrency to be in the red since the beginning of 2024. The largest digital asset flirted with a drop below $40,000 before trading at $40,843, marking a 4% decline in the past 24 hours. Speculative demand for Bitcoin, fueled by the anticipation of ETF launches and bets on looser monetary policy, has waned. Additionally, smaller tokens like Ether, Solana, and Polkadot have also struggled. The market is now assessing the impact of the ETFs and adjusting expectations for interest-rate cuts.

via Yahoo Finance|
#bitcoin#cryptocurrency#etf
finance2 years ago

"Bitcoin ETFs: A Ground-Breaking Approval and Trading Debut"

The first US exchange-traded funds (ETFs) directly holding Bitcoin had a strong debut, with over $4.6 billion in shares traded on their first day. The Grayscale Bitcoin Trust, now an ETF, saw about $2.3 billion in volume, while BlackRock’s iShares Bitcoin Trust had over $1 billion change hands. This historic trading day is seen as ground-breaking, with unprecedented demand for these ETFs, although it's noted that much of the initial demand may be from pre-arranged "seed" money. The actual investor inflows and organic demand from retail investors or financial advisors may become clearer as more broker-dealers list the funds on their platforms.

via Yahoo Finance|
#bitcoin#etf#finance
cryptocurrency2 years ago

"Grayscale Dominates as Bitcoin ETFs Debut on U.S. Exchanges"

The Securities and Exchange Commission approved 11 spot bitcoin ETF applications, leading to a surge in the cryptocurrency industry. Grayscale Bitcoin Trust and Hashdex Bitcoin ETF experienced early gains before paring them, while BlackRock and Fidelity led trading volume among the newly-listed spot bitcoin ETFs. Bitcoin turned volatile, reaching as high as $49,000 before reversing its advance. Various issuers listed their bitcoin ETFs on different exchanges, with over $3.5 billion worth of shares traded. Despite a short-term decline in crypto-related stocks, experts anticipate significant price movement as institutional assets allocate to ETFs.

via Investor's Business Daily|
#bitcoin#cryptocurrency#cryptocurrency-industry
cryptocurrency2 years ago

"Bitcoin Maintains $46K Level Ahead of ETF Launch"

Bitcoin held above $46,500 as the anticipation for a spot bitcoin exchange-traded fund (ETF) grows, with analysts divided on the likelihood of approval by the U.S. Securities and Exchange Commission (SEC). BlackRock and VanEck, among the 13 firms seeking to launch bitcoin ETFs, filed updated documents, while the discount on the Grayscale Bitcoin Trust narrowed ahead of an expected conversion to a spot bitcoin ETF. The market's focus on ETF optimism may lead to a potential price drop following SEC approval, which is anticipated by Jan. 10.

via CoinDesk|
#bitcoin#cryptocurrency#cryptocurrency-market