Bitcoin ETF

Grayscale Bitcoin Trust

Ethereum Classic

<ul>
 <li>The majority of the outflow left GBTC in January, with $5.64B departing by month’s end.</li>
 <li>Grayscale still charges 150 bps, while the fees for the recently released ETFs is quite less.</li>
</ul>
Even if many think there’s space for further outflow, crypto asset manager <a href="https://thenewscrypto.com/grayscale-analysts-debunk-bitcoin-halving-price-surge-predictions/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a> has seen a decrease in outflows from its spot Bitcoin ETF.
Research from Bianco Research and Farside shows that as of February 16th, the total amount of money that has been pulled out of the Grayscale Bitcoin Trust (GBTC) since it became a spot Bitcoin ETF hit $7 billion. While withdrawals have slowed significantly, some analysts, like Nate Geraci, president of the ETF Store, are predicting that the worst may still be ahead.
<h3 class="wp-block-heading" id="h-still-early-days">Still Early Days</h3>
The majority of the outflow left <a href="https://thenewscrypto.com/genesis-granted-court-approval-to-sell-gbtc-shares-worth-1-3-billion/" target="_blank" rel="noopener noreferrer nofollow">GBTC</a> in January, with $5.64 billion departing by month’s end; however, just $1.37 billion has left so far in February. Fund managers are resetting their holdings and moving to spot Bitcoin ETFs with cheaper fees, according to several analysts. Grayscale still charges 150 bps, while the fees for the recently released ETFs range from zero to twelve basis points. The reason why GBTC is still losing money: when <a href="https://www.blackrock.com/corporate/global-directory" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a> applied for its spot ETF in June 2023, the fund was trading at a significant discount to the market price of <a href="http://bitcoin.org" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, at 44%. On the other hand, analysts think it’s still early days and predict that the outflow will likely continue. Genesis, a defunct crypto lender, was recently granted permission by a court to sell off some of its holdings in Grayscale, which might lead to more outflows.
Genesis reportedly owns around $1.6B worth of GBTC, Grayscale Ethereum Classic Trust, and Grayscale Ethereum Trust shares, as revealed in court records.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/vitalik-buterin-explores-crypto-and-ai-intersection-ahead-of-dencun-upgrade/" target="_blank" rel="noopener noreferrer nofollow">Vitalik Buterin Explores Crypto and AI Intersection Ahead of Dencun Upgrade</a>

Grayscale’s GBTC Outflows Slow, Analysts Caution on Further Decline

Table of Contents

TheNewsCrypto

Other articles published on Feb 19, 2024

Render Price Prediction: RNDR Pumps 40% In A Week On OpenAI Sora Effect, But Traders Still Flock ...

Rebel Satoshi ($RBLZ) Emerges Promising For Investors Amid Rising Momentum On XRP And Cardano (ADA)

South Korea Eyes Bold Crypto Plan with Bitcoin ETFs, IEOs, and Tax Deferrals

VeChain and SEI with Rise make more than +40% Leap, This New Crypto Next!

The Graph Price Prediction:$0.375 estimated Amid Rally Fever

OpenAI Introduces Sora, A Revolutionary Text-to-Video Generator Amid Growing AI Debate

Join our free newsletter for daily crypto updates!