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📉 #GBTC Update: The volume for GBTC continues to decline today, potentially signaling a slowdown in selling pressure. Similar dynamics are observed in stocks, where increased selling is often accompanied by higher volume and vice versa.
It's crucial to monitor tonight's volume trends for a more comprehensive assessment. The shares outstanding data directly from GBTC's admin to Bloomberg remains a reliable source for tracking these developments. Stay tuned for updates! 📊 #Grayscale #BitcoinTrust #MarketAnalysis
It's crucial to monitor tonight's volume trends for a more comprehensive assessment. The shares outstanding data directly from GBTC's admin to Bloomberg remains a reliable source for tracking these developments. Stay tuned for updates! 📊 #Grayscale #BitcoinTrust #MarketAnalysis
Grayscale Bitcoin Trust (GBTC) Facing Depletion of Bitcoin Reserves in 96 Days
Recent data reveals a concerning trend for Grayscale's Bitcoin Trust (GBTC). At the current pace of redemptions, GBTC might exhaust its Bitcoin supply within just 96 days.
Since January 11th, when GBTC transitioned to trading as an ETF, Grayscale has withdrawn a substantial amount of Bitcoin – totaling 266.47K BTC – from their wallets to fulfill GBTC redemptions. This withdrawal rate averages about 25.9K BTC per week.
This rapid depletion is evident in Grayscale's Bitcoin holdings, which plummeted from 618.28K BTC at the beginning of the year to a mere 356.44K BTC currently.
If this trend persists, GBTC could run out of Bitcoin reserves entirely in just 14 weeks.
The implications of this potential depletion are significant for the crypto market, as GBTC has been a major avenue for institutional investment in Bitcoin. This situation underscores the growing demand for Bitcoin among institutional investors and the critical role that investment vehicles like GBTC play in facilitating exposure to the asset class.
As investors closely monitor the situation, the looming possibility of GBTC exhausting its Bitcoin reserves adds another layer of complexity to the evolving dynamics of the crypto market. 📉 #GBTC #BitcoinTrust #HotTrends #MarkBTC $BTC #SnEmroz
Since January 11th, when GBTC transitioned to trading as an ETF, Grayscale has withdrawn a substantial amount of Bitcoin – totaling 266.47K BTC – from their wallets to fulfill GBTC redemptions. This withdrawal rate averages about 25.9K BTC per week.
This rapid depletion is evident in Grayscale's Bitcoin holdings, which plummeted from 618.28K BTC at the beginning of the year to a mere 356.44K BTC currently.
If this trend persists, GBTC could run out of Bitcoin reserves entirely in just 14 weeks.
The implications of this potential depletion are significant for the crypto market, as GBTC has been a major avenue for institutional investment in Bitcoin. This situation underscores the growing demand for Bitcoin among institutional investors and the critical role that investment vehicles like GBTC play in facilitating exposure to the asset class.
As investors closely monitor the situation, the looming possibility of GBTC exhausting its Bitcoin reserves adds another layer of complexity to the evolving dynamics of the crypto market. 📉 #GBTC #BitcoinTrust #HotTrends #MarkBTC $BTC #SnEmroz
