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Grayscale Bitcoin Trust

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 <p class="is-style-lead">Singapore-based crypto asset management firm Matrixport says Q1 will be a <a rel="noopener noreferrer nofollow" title="challenging" href="https://thebittimes.com/tag/challenging.html">challenging</a> quarter for Bitcoin, although anticipates a positive outlook by the end of 2024.</p>
 <p>As Bitcoin (BTC) fell back to the $39,000 area, the largest cryptocurrency by market capitalization is likely to face a <a rel="noopener noreferrer nofollow" title="challenging" href="https://thebittimes.com/tag/challenging.html">challenging</a> quarter ahead, according to a recent report from Matrixport.</p>
 <p>Matrixport highlighted that institutional interest in a spot Bitcoin exchange-traded fund (ETF) was not as robust as initially anticipated. Additionally, <a rel="noopener noreferrer nofollow" title="investors" href="https://thebittimes.com/tag/investors.html">investors</a> in Grayscale‘s Bitcoin Trust are seemingly <a rel="noopener noreferrer nofollow" title="capitalizing" href="https://thebittimes.com/tag/capitalizing.html">capitalizing</a> on the price gains of GBTC, contributing to the challenges faced by Bitcoin.</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Analyst: Grayscale Bitcoin Trust sellout has clear reasons
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 <p>Analysts at Coinbase Research, however, continue to believe that the ETFs could “set the foundation for new derivatives markets in the traditional financial world, although it’s still as of yet unclear whether these will be subject to regulatory approval.”</p>
 <blockquote class="wp-block-quote">
  <p>“Although the first week of bitcoin price action appears to have been a ‘buy the rumor, sell the news’ event, the early numbers of the spot ETF show that this has unlocked a new vector of demand.”</p>
  <p>Coinbase Research</p>
 </blockquote>
 <p>As previously reported by crypto.news, BlackRock and Fidelity experienced significant inflows of $1.9 billion and $1.6 billion, respectively, into their spot Bitcoin ETFs. Both companies are among the dominant issuers approved by the U.S. Securities and Exchange Commission (SEC) to list products, as part of a basket of 10 asset managers.</p>
 <p>Despite Bitcoin’s dip below the $40,000 mark, the report suggests that Bitcoin‘s price will rebound from this support level, emphasizing its robustness as a cryptocurrency with myriad institutional <a rel="noopener noreferrer nofollow" title="investors" href="https://thebittimes.com/tag/investors.html">investors</a> now using it as a bona fide asset class.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Grayscale CEO: Most spot Bitcoin ETFs will not survive
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/matrixport-predicts-challenging-q1-for-bitcoin-as-gbtc-investors-keep-capitalizing-tbt77824.html">https://thebittimes.com/matrixport-predicts-challenging-q1-for-bitcoin-as-gbtc-investors-keep-capitalizing-tbt77824.html</a></p>

Matrixport predicts challenging Q1 for Bitcoin as GBTC investors keep capitalizing

TheBitTimes

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