Bitcoin faces its “biggest headwind” in the form of GBTC outflows, but the good times could be back for BTC price action after next week, predictions say.
GBTC News
What is GBTC? The Grayscale Bitcoin Trust, which trades under the ticker GBTC, is an investment vehicle that trades similar to a stock, with each share representing a specific amount of Bitcoin (BTC). Grayscale is a company providing various financial products. It originally launched GBTC in 2013. The product trades over the counter (OTC), although Grayscale aims to transform it into an exchange-traded fund (ETF). Historically, the price of Grayscale’s GBTC has traded notably above and below the equivalent value of the underlying BTC per share when compared with trading Bitcoin on crypto exchanges. This price difference is referred to as the GBTC premium. Is GBTC a good way to buy Bitcoin? GBTC essentially gives people outside of the cryptosphere the opportunity to own Bitcoin that is packaged similar to a stock under traditional United States regulations.
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Grayscale’s slice of the Bitcoin ETF pie has fallen below 50% for the first time since it was converted alongside the launch of nine new ETFs in January.
13438Bitcoin ETFs are sucking up the BTC available for purchase, and the tipping point in supply dynamics will come this year, one analyst says.
97138Of the 10 approved ETFs, the Grayscale Bitcoin Trust and Invesco Galaxy Bitcoin ETF were the only two to record net outflows of $332.5 million and $14.2 million, respectively, on March 5.
14383Bitcoin price advances like a steamroller toward all-time highs despite a fresh rebound in GBTC outflows.
12050$60,000 within range after 12.7% gains in 24 hours? Not so fast, according to Bitcoin derivatives metrics.
12904Coinbase forecasts that funds from Genesis’ GBTC sell-off would “remain within the crypto ecosystem” despite fears of potentially impacting Bitcoin’s price.
13236Bitcoin bulls are pushing BTC price higher but is there enough willpower to overcome the resistance at $43,500?
4452Bitcoin price is hovering near the $43,000 level. Do bulls have plans to press BTC higher?
10008GBTC enables investors to access Bitcoin traditionally through shares, offering an alternative to directly owning and managing digital assets.
Debtors of the bankrupt crypto lending firm stressed the need for fast approval to sell the shares before any potential price fluctuations.
9502According to BTC options and futures metrics, whales and market markets were anticipating a price crash ahead of the rally to $43,000.
17575Bitcoin’s price claws at the $43,000 mark as the hours tick down to key U.S. economic policy commentary from the Fed.
5490Bitcoin ETFs, including GBTC, may soon begin to record net inflows, data suggests, as exchanges’ BTC balances revert to their downtrend.
5992The planned sale of over 2,900 Bitcoin is small compared to the outflows from Grayscale’s ETF, one market commentator noted.
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