Bitcoin Bulls Buoyed by Report of FTX’s $1B GBTC Sale
Flows of fresh investor money into the newly approved spot bitcoin ETFs may be far higher than previously thought.
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Flows of fresh investor money into the newly approved spot bitcoin ETFs may be far higher than previously thought.
BTC’s price has fallen since bitcoin ETFs were approved. In theory, now that FTX is done selling its substantial holdings, the selling pressure could ease since a bankruptcy estate liquidating holdings is a relatively unique event.
An additional $1.5 billion could exit GBTC, putting more pressure on the bitcoin price in the coming weeks, the report said.
Grayscale’s GBTC has seen sizable outflows as investors cash following its conversion to a spot ETF.
The news sent bitcoin tumbling early Tuesday, but the price quickly recovered.
Grayscale received the regulatory green light to convert its flagship product into an ETF on Wednesday.
Data shows the discount fell to as low as 5.6% on Monday, reaching a level previously seen in June 2021.
Grayscale, which has some $27 billion in assets under management (AUM), said it was adding Jane Street, Virtu, Macquarie Capital and ABN AMRO Clearing as authorized participants (APs).
(Nikhilesh De/CoinDesk)
Goldman Sachs is in talks to play the key role of being an “authorized participant” for BlackRock and Grayscale’s bitcoin ETFs, if the SEC approves them, according to people familiar with the situation.