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GBTC Sell-Off Slows Down, BTC Returns to $40,000

25.01.2024
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The pace of selling Grayscale Bitcoin Trust ETF shares is decreasing. Moreover, the addresses of some of the stock wallets were revealed, and users are convinced of their security. The pressure on BTC eased against this backdrop. Earlier, the price of the asset fell below $39,000.

GBTC Sell-Off Slows Down, BTC Recovers

According to BitMEX Research, outflows from Grayscale’s spot Bitcoin ETF decreased for the second day. In nine days since the start of trading, investors withdrew 106,092 BTC (~$4.4 billion) from GBTC accounts. The fund still has more than $20.2 billion in assets under management.

Eric Balchunas, Bloomberg Analyst, also noted the downward trend in the outflow of funds. Earlier, the expert suggested that GBTC fund may lose up to 25% of its shares before the complete cessation of capital outflow. He also said that there are too many uncertainties for accurate forecasts. He conducted a poll, and about half of the subscribers believe that the fund will lose between 35% and 50% before the capital outflows stop.

Bitwise representatives published the address of their wallet that holds the assets that provide value to the shares of the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). The fund has 11,858 BTC (~$465.3) under management. The alleged addresses of several other spot Bitcoin ETFs were published by analysts at Arkham Intelligence. In particular, the accounts of BlackRock, Fidelity, and Franklin Templeton funds were revealed. According to the data, the stated security level of the funds coincides with the real one. The company also noted that on-chain data could be misinterpreted, and some funds aren’t withdrawn from GBTC accounts, but moved to other addresses.

The decline in BTC stopped amid the news. CoinGecko reported that the day before, the asset’s price dropped to $38,600 against the background of sharp jumps in trading volumes. But to date, Bitcoin’s quotes returned to $40,100, while the trading volume stabilized somewhat. The price of Bitcoin is under pressure from macroeconomic indicators, and analysts consider a significant increase in the asset’s value as an unlikely scenario.

Сообщение GBTC Sell-Off Slows Down, BTC Returns to $40,000 появились сначала на CoinsPaid Media.

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CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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