Bitcoin ETF

Bitcoin

Spot

Grayscale Investments, a leading Bitcoin investor has seen a 50% drop in its spot Bitcoin ETF ahead of Bitcoin halving. The GBTC plunged by half from 619,220 BTC on the first day of its trading on Jan. 11.
On April 16, the 66th day of the spot Bitcoin ETF had 309,871 BTC, currently valued at $19.5, which was a 50% drop since the debut, according to the Coinglass <a href="https://www.coinglass.com/Grayscale" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a>.&nbsp;
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 GBTC has officially halved ahead of the halving. Grayscale has seen net outflows of 310,611 BTC in the 66 trading days since its conversion. That's a 50.16% reduction in Bitcoins Under Management since January 10. <a href="https://t.co/zghV2fiasf" target="_blank" data-wpel-link="external" rel="noopener noreferrer nofollow">pic.twitter.com/zghV2fiasf</a>— Vetle Lunde (@VetleLunde) <a href="https://twitter.com/VetleLunde/status/1780494604468666447?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">April 17, 2024</a>
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This happened just before the much-anticipated Bitcoin halving, where the rewards for people who mine Bitcoin are also cut in half.&nbsp;
The Bitcoin halving happens every four years or so and is usually followed by a surge in the value of Bitcoin and other cryptocurrencies.
GBTC has been seeing a lot of people selling off their investments since it started trading. This has had a big impact on the price of Bitcoin.
One reason for this sell-off is that GBTC had high fees compared to other Bitcoin investment options in the US. Most of these options were lowering their fees to attract more investors, while GBTC’s fees were around 1.5%, much higher than the others which were around 0.2% to 0.4%.
Also Read: <a href="https://www.cryptotimes.io/2024/04/17/spot-bitcoin-etfs-see-58m-outflows-in-last-24-hours/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Spot Bitcoin ETFs See $58M Outflows in Last 24 Hours</a>

Grayscale Bitcoin ETF GBTC Plummets 50% Pre-Bitcoin Halving

The Crypto Times

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