Technology

Grayscale Bitcoin ETF Loses $121M With Falling Asset Price

As a result of selling 1800 BTC, Grayscale Bitcoin ETF Loses (GBTC) has made a total outflow of $121 million. As a result, the total quantity of assets sold since the introduction of Bitcoin exchange-traded funds (ETFs) has reached 335,000 BTC, while other issuers have recorded inflows. Several issues that have led to significant market outflows have been a source of difficulty for the Grayscale ETF. Bitcoin exchange-traded funds (ETFs) fueled a rally in the cryptocurrency markets. Some analysts believe an increase will catalyze the subsequent rebound amid falling asset prices.

Grayscale Sees Outflows

Grayscale has again announced a significant departure from its holdings after the statistics previously presented statistics. As of today, 1,800 Bitcoins were removed from the fund, bringing the total amount of Bitcoins removed since January 11 to 335,000. To put this into perspective, since the legalization of spot Bitcoin exchange-traded funds in the United States, there has been a total outflow of about $121 million, equivalent to around $17.8 billion.

Grayscale Sees Outflows

Grayscale Bitcoin ETF Loses assets under management (AUM) remained at the top of the list in this publication, with a total of $31.8 billion. Other exchange-traded funds (ETFs) have had inflows of nearly $17 billion, while the Bitcoin ETF has seen enormous outflows. Grayscale is a critical player in the Bitcoin investment goods industry and was pivotal in approving spot exchange-traded funds (ETFs) in the United States after a lawsuit was filed against them.

On the other hand, the price of it and the recent downturn in the cryptocurrency market continue to cause money to leave the market. However, Grayscale’s competitors have reduced their fees to an average of 0.30%, while Grayscale Bitcoin ETF Loses management fee is 1.5%. The approval of exchange-traded funds (ETFs) resulted in the flow of capital into new Bitcoin investment products. Cryptocurrency fans have advocated lower prices to level the playing field with other issuers.

Bitcoin ETFs To Rally Market

Bitcoin ETFs To Rally Market

The cryptocurrency market has experienced significant losses over the past 48 hours. The leading cryptocurrencies posted losses in the double digits at the time of this publication. To put that into perspective, Bitcoin and Ethereum experienced outflows of 3.3% and 4%, respectively, while Solana experienced a more significant outflow of 6.7%. It has been since May 15 that Bitcoin ETF volumes have reached their most important point, as reported by Sentiment. According to the data from the past, when there is an increase in the volume of the asset. It will likely reach new price highs, which will cancel out any losses previously sustained.

Also Read: Bitcoin Breaks $72K, Ether Rises on Dencun Upgrade Hopes

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