CryptoMediaClub
Sunday, July 6, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

GBTC Bleeds Another $443 Million as Bitcoin Price Drops Below $61,000

20.03.2024
A A
0
128
VIEWS
ShareShare

Bitcoin experienced a significant price collapse amid continued outflows from Grayscale’s converted GBTC spot Bitcoin ETF.

According to data from CoinMarketCap, the leading cryptocurrency dropped to as low as $60,800 on Tuesday, a 17% decline from its all-time high.

The decline in Bitcoin price came after a significant outflow of $643 million from the $25 billion Grayscale Bitcoin Trust (GBTC) on Monday, marking its highest outflow since it transformed into an ETF on January 11.

On Tuesday, these products saw another $326.2 million in net outflows.

Grayscale’s GBTC, in particular, experienced an outflow of $443 million.

In contrast, ETF products from BlackRock and Fidelity recorded modest inflows of $75.2 million and $39.6 million, respectively.

On March 19, the total net outflow of Bitcoin spot ETF was US$326 million, with net outflows lasting two days. Grayscale ETF GBTC had a single-day net outflow of US$443 million. The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock ETF IBIT, with a… pic.twitter.com/jkk3swoF7E

— Wu Blockchain (@WuBlockchain) March 20, 2024

Over $650 Million Liquidated as Bitcoin Remains Volatile

According to data by CoinGlass, long and short traders suffered more than $650 million in losses across major centralized exchanges over the past 24 hours.

More specifically, 189,935 traders have been liquidated, with the total long liquidations coming in at $491 million and short liquidations coming in at around $165 million.

Crypto exchange OKX took the lion’s share of these liquidations at over $271 million, followed by Binance at $229 million and Bybit at around $104 million.

Bitcoin-tracked futures experienced $229 million in both short and long liquidations over the past day while Ethererum-linked futures saw over $157 million in liquidations.

Previously, spot Bitcoin ETFs had been setting records, driving Bitcoin’s price to new all-time highs.

However, the recent outflows suggest a shift in investor sentiment and a cautious approach.

One potential factor influencing investor behavior is the impending decision by the Federal Reserve, scheduled to be unveiled on Wednesday.

While the consensus predicts no change in the benchmark interest rate at this time, concerns linger regarding future rate cuts, especially if stubborn inflation persists.

Such a scenario may not favor Bitcoin bulls, leading investors to adopt a wait-and-see approach.

Grayscale to Drop Fees Overtime

Grayscale plans to gradually reduce fees on its flagship product as outflows soar to $12 billion.

According to Grayscale CEO Michael Sonnenshein, the cryptocurrency fund manager anticipates fee reductions for the Grayscale Bitcoin Trust ETF in the coming months as the crypto ETF market matures.

Sonnenshein confirmed in an interview with CNBC that as the market evolves, fees for GBTC will decrease.

Grayscale had previously defended its higher-than-average charges, explaining that fees tend to be higher for new products in their initial stages.

Sonnenshein expects a similar trend for GBTC, with fees decreasing as the fund grows and the market matures.

Since its conversion into an ETF in early January, GBTC has experienced outflows exceeding $12 billion.

Sonnenshein acknowledged that outflows were expected as investors sought to capitalize on profits, arbitragers exited the fund, and individuals unwound positions tied to bankruptcies and forced liquidations.

Industry experts suggest that the insolvency of cryptocurrency giant FTX has played a significant role in the GBTC sell-off.

FTX, a major holder of GBTC, filed for bankruptcy in November 2022, and the FTX bankruptcy estate reportedly sold off the majority of its shares in Grayscale’s bitcoin ETF.

“We’re kind of at the end of that first inning now, where the pent-up demand for buying has hopefully been satisfied, the pent up demand for selling has also hopefully been satisfied,” Sonnenshein added.

“And now we’re kind of starting to move towards that second and third inning, where there’s so much more of the market that still is not yet accessing these products.”

The post GBTC Bleeds Another $443 Million as Bitcoin Price Drops Below $61,000 appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?
All news

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

06.07.2025
0

Ethereum is trading sideways, stuck at $2,513.80, within a narrowing range above the $2,478 support level. The 4-hour chart displays...

Read moreDetails
Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

06.07.2025
XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

06.07.2025
Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

06.07.2025
Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

06.07.2025
Load More
Next Post
SBF’s Legal Team Responds to Proposed 50-Year Sentence, Says It “Is Not Justice”

SBF’s Legal Team Responds to Proposed 50-Year Sentence, Says It “Is Not Justice”

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

$3M worth of customer funds swiped via alleged Swaprum DEX rug pull

$3M worth of customer funds swiped via alleged Swaprum DEX rug pull

2 years ago
Bitcoin Price Bursts Back Above $60,000 as US NFP Data Misses Expectations – Here’s Where BTC Is Headed Next

Bitcoin Price Bursts Back Above $60,000 as US NFP Data Misses Expectations – Here’s Where BTC Is Headed Next

1 year ago
Pro-XRP Lawyer Speculates on Ripple-SEC Legal Battle and Potential Impact on XRP Holders

Pro-XRP Lawyer Speculates on Ripple-SEC Legal Battle and Potential Impact on XRP Holders

2 years ago
BTC Price Soars Above $42K as Bitcoin Accumulation Wallets Now Worth $68B with 1.7M BTC

BTC Price Soars Above $42K as Bitcoin Accumulation Wallets Now Worth $68B with 1.7M BTC

1 year ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

Ripple (XRP) Holders Achieve Financial Freedom by Starting Dogecoin (DOGE) Mining Machines through Blockchain Cloud Mining

PEPE Whales Accumulate Amid Market Volatility: Is a 200x Rally Coming?

Bitcoin Cash Futures Jump 24% as Active Addresses Hit Six-Year Low – Risk Ahead?

Bitcoin Price Prediction: Whispers of Satoshi After 80,000 BTC Move – Market Sentiment Shift?

Trending

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?
All news

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

06.07.2025
0

Ethereum is trading sideways, stuck at $2,513.80, within a narrowing range above the $2,478 support level. The...

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

06.07.2025
XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

06.07.2025
Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

06.07.2025
Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

06.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz