Kiarash Hosseinpour: “In the first half of 2024, the crypto market expects a massive sell-off of bitcoins”
Kiarash Hossainpour drew the attention of followers on the X social network to an important development: since the launch of the Bitcoin spot ETF, the assets of the Grayscale Bitcoin Trust (GBTC) have decreased from 621,000 BTC to just under 580,000 BTC and, most likely, the fund will continue to sell off. This will be facilitated by the trust's higher annual commission of 1.5%, which competitors such as Bitwise (0.2%) and BlackRock (0.25%) do not have.
The expert believes that another sign of a future sell-off could be the distribution of assets of the notorious cryptocurrency exchange Mt.Gox, which is obliged to return about 138,000 BTC to creditors (at current prices = about $6 billion).
In addition, the bankruptcy proceedings of Celsius and FTX are expected to be completed in the first half of 2024. About 38,000 BTC worth $1.6 billion from Celsius and about 20,500 BTC worth $850 million from former investors of both crypto companies could be released into the crypto spot market.
