May 29, 2024
Bitcoin Hits $43,198.30 Amid Grayscale ETF Sell-Off
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Bitcoin Hits $43,198.30 Amid Grayscale ETF Sell-Off

Tuesday, January 30, 2024: Bitcoin’s price stands at $43,198.30. According to a Bitfinex Alpha market report, the recent downturn in Bitcoin’s price during January 2024 can be attributed, in part, to a substantial sell-off of Grayscale Bitcoin Trust ETF (GBTC) shares. FTX’s involvement in this selling pressure is highlighted as a contributing factor to Bitcoin’s decline from $48,700 to $38,600. The market correction is said to have resulted from profit-taking activities following the successful conversion of Grayscale’s GBTC trust to an ETF.

The report underscores the significance of the outflows after GBTC’s conversion on January 16, amounting to $4.3 billion. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) experienced the highest net inflows during this period, attracting $1.82 billion. Despite the decline in total assets under management for Grayscale’s GBTC, which now stands at around $24 billion from its pre-conversion figure of $28.6 billion, it remains the largest Bitcoin ETF.

Emphasizing the impact of ETF flows on Bitcoin prices, the report points out a lack of fund inflows into the spot Bitcoin ETF on Saturday, January 20, further highlighting the interconnectedness between ETF activities and Bitcoin’s market movements. This intricate relationship suggests that developments in the ETF space continue to play a pivotal role in shaping the cryptocurrency market.

Image by frimufilms on Freepik

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