👉👉👉 #gbtc ETF Sees Another $515M in Outflows as #Bitcoinprice Remains Below $40k
On January 23, GBTC reported additional outflows totaling $515 million, bringing the total outflows to $3.4 billion since its conversion to a spot ETF earlier this month. In contrast, nine recently approved spot Bitcoin ETFs recorded total inflows of $249 million.
Despite the US SEC's approval of spot ETFs, Bitcoin erased all its gains and traded below $40,000, witnessing a market cap reduction of nearly $200 billion this week. At the time of writing, Bitcoin is trading at $39,700. The notable surge in GBTC outflows is attributed to the actions of the now-defunct #FTX crypto exchange, which reportedly sold around two-thirds of its 22.3 million GBTC shares over a three-day trading period. FTX still holds about 8 million shares, valued at approximately $281 million, awaiting liquidation.
Bloomberg ETF analyst Eric Balchunas observed that the latest data suggests a potential slowdown in GBTC outflows. Grayscale's website indicates 600.5 million outstanding shares, representing a trust holding of 536,694.9 Bitcoin. Since January 10th, a total of 82,525 Bitcoin has exited the GBTC platform, as per CC15Capital data.
An analyst from Bitfinex noted that the #BTC🔥🔥 price, staying below the $43,000 level, has wiped out over half of the profits accumulated by short-term holders. Considering these dynamics, the analyst suggested that a significant price correction below current levels across the market would not be surprising.
Source - Cryptonews.com
