Bitcoin

Impact

Grayscale Bitcoin Trust

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-dips-below-41000-amid-grayscale-etf-conversion-impact" rel="noopener noreferrer nofollow">Bitcoin Dips Below $41,000 Amid Grayscale ETF Conversion Impact</a> 
<a href="https://en.bitcoinhaber.net/spot-bitcoin-etfs-surge-in-the-us-market" rel="noopener noreferrer nofollow">Bitcoin</a> has fallen below $41,000 for the first time in six weeks following the anticipation of a spot ETF approval. The decline has been attributed primarily to the Grayscale Bitcoin Trust (GBTC) moving to an ETF, resulting in billions of dollars worth of Bitcoin outflows. With Grayscale holding over 566,000 Bitcoins, concerns about a prolonged bearish trend persist.
Crypto analyst Chris J Terry warns that Bitcoin’s value could remain stagnant or continue to drop until the remaining $25 billion worth of Bitcoin is liquidated. He criticizes Grayscale’s decision to maintain ETF returns at 1.5%, calling it one of the biggest strategic mistakes in crypto history.
Grayscale’s management fees are among the highest compared to other ETF issuers, typically ranging between 0.2% to 0.4%. Grayscale Investments CEO Michael Sonnenshein defends the high fees, emphasizing the company’s expertise in crypto and its pioneering role in the market.
Contrary to the full liquidation scenario, Galaxy Digital’s CEO Mike Novogratz believes that while some GBTC tokens may be sold, most investors will likely transition to other ETFs. He predicts that Bitcoin will rise within six months after the current market indigestion ends.
However, data from CryptoQuant indicates that net entries into other ETFs are less than the outflows from GBTC. The future of Bitcoin’s price and its ability to overcome downward pressure remains uncertain, but there is an expectation of significant capital inflows into the market in the long term.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-dips-below-41000-amid-grayscale-etf-conversion-impact" rel="noopener noreferrer nofollow">Bitcoin Dips Below $41,000 Amid Grayscale ETF Conversion Impact</a></h5>

Bitcoin Dips Below $41,000 Amid Grayscale ETF Conversion Impact

BH NEWS

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