Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

<p>The FTX bankruptcy estate has already dumped most of its shares in the Grayscale Bitcoin Trust ETF (exchange-traded fund), indicating that selling pressure on Bitcoin may ease, CoinDesk reported.</p>
<p>FTX sold 22 million GBTC shares, worth close to $1 billion, said the report, citing private data and two people familiar with the matter.</p>
<p>The sale accounts for nearly half of the over $2 billion outflow from the Grayscale Bitcoin ETF since it started trading on January 11.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FTX</a> Shocks Market with $1B <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Grayscale</a> ETF Sell-Off &amp; Alameda Drops Bombshell Lawsuit Against Grayscale! 🚨💥💰📉 <a href="https://twitter.com/search?q=%24GBT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBT</a></p>
 <p>• 🚨 FTX's bankruptcy estate offloaded approximately $1 billion of Grayscale's Bitcoin ETF, shedding light on recent GBTC outflows.<br>• 📊 Since the conversion… <a href="https://t.co/iipXsgXnef" rel="noopener noreferrer nofollow">pic.twitter.com/iipXsgXnef</a></p>
 <p>— RichQuack (@RichQuack) <a href="https://twitter.com/RichQuack/status/1749488992603791763?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 22, 2024</a></p>
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<p>Analysts anticipate that with FTX liquidators now out of the picture, GBTC ETF outflows might ease, and with that also the downward pressure on the BTC price.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Wait, if $1bn of the selling in GBTC was FTX LIQUIDATORS as reported, that is 1/3 of the total outflows. That changes the entire picture!!!! That selling is now done.</p>
 <p>We could actually get a bounce now and that could trigger a short squeeze.</p>
 <p>— Ran Neuner (@cryptomanran) <a href="https://twitter.com/cryptomanran/status/1749460991996277134?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 22, 2024</a></p>
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<p>Bloomberg also <a href="https://www.bloomberg.com/news/articles/2024-01-22/ftx-estate-sold-majority-of-exchange-s-grayscale-bitcoin-trust-holdings-gbtc" target="_blank" rel="noopener noreferrer nofollow">reported</a>&nbsp;the sale, saying FTX sold the shares at an average price of $38.19.</p>
<p>Grayscale converted its GBTC fund into a spot Bitcoin ETF nearly two weeks ago after approval by the US Securities and Exchange Commission (SEC).</p>
<p>The fund had been in existence for around a decade and held almost $30 billion in assets under management before its conversion.</p>
<p>FTX held 22.3 million GBTC as of October 25 last year, according to a <a href="https://restructuring.ra.kroll.com/FTX/Home-DocketInfo" target="_blank" rel="noopener noreferrer nofollow">court filing</a>.</p>
<p>The recent sale has also sparked hopes that FTX creditors will receive compensation, helping the <a href="https://insidebitcoins.com/news/ftx-token-price-prediction-ftt-surges-12-but-investors-turn-to-this-ai-presale-with-only-hours-left-to-buy" target="_blank" rel="noopener noreferrer nofollow">FTT</a> token to become one of the few gainers in the last 24 hours as its trading volumes surged by nearly 300%. FTT has remained a speculative token since FTX’s collapse.</p>
<h2 id="grayscale-bitcoin-etf-outflows-hit-a-new-record">Grayscale Bitcoin ETF Outflows Hit a New Record</h2>
<p>The Grayscale Bitcoin ETF has been bleeding and hit a record $640 million in outflows on Jan. 22.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">LATEST: The Great GBTC Gouge hit record -$640m on Monday, the Nine did their best to offset but fell short w/ a $553m haul. ROLLING NET FLOWS still healthy at +$1b but ongoing battle. The Nine now have a 20% share vs GBTC. Volume also remains very high for new launches in 2nd wk <a href="https://t.co/ng0BU8mi6L" rel="noopener noreferrer nofollow">pic.twitter.com/ng0BU8mi6L</a></p>
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1749779901807272142?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 23, 2024</a></p>
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<p>On Monday, rivals BlackRock and Fidelity saw inflows of $260 million and $158 million, respectively. The total inflows for other spot Bitcoin ETFs minus Grayscale hit $553 million.</p>
<p>Besides the FTX selloff, the <a href="https://insidebitcoins.com/news/bitcoin-etf-fee-war-breaks-out-as-competitors-prepare-to-slug-it-out-for-market-share" target="_blank" rel="noopener noreferrer nofollow">high fees</a> charged by Grayscale for its ETF is likely a prime mover behind the redemptions. Grayscale has a 1.5% fee compared to BlackRock’s 0.25%.</p>
<h2 id="also-read">Also Read</h2>
<ul>
 <li><a href="https://insidebitcoins.com/news/ftx-token-price-prediction-ftt-surges-12-but-investors-turn-to-this-ai-presale-with-only-hours-left-to-buy" rel="noopener noreferrer nofollow">FTX Token Price Prediction: FTT Surges 12%, But Investors Turn To This AI Presale With Only Hours Left To Buy</a></li>
 <li><a href="https://insidebitcoins.com/news/sec-says-multi-factor-authentication-was-disabled-for-its-x-account-until-after-fake-spot-bitcoin-etf-approval-post" rel="noopener noreferrer nofollow">SEC Says Multi-Factor Authentication Was Disabled For Its X Account Until After Fake Spot Bitcoin ETF Approval Post</a></li>
 <li><a href="https://insidebitcoins.com/news/proshares-bitcoin-etf-trading-volume-plummets-75-as-investors-turn-to-spot-btc-etfs" rel="noopener noreferrer nofollow">ProShares Bitcoin ETF Trading Volume Plummets 75% As Investors Turn To Spot BTC ETFs</a></li>
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FTX Has Already Sold $1 Billion Of Its Grayscale Bitcoin ETF Shares, Indicating Selling Pressure On Bitcoin May Ease

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