Skybridge Capital Founder Attributes Bitcoin Correction to Grayscale Sell-Off
Anthony Scaramucci, the founder of Skybridge Capital, believes that the recent correction in Bitcoin’s price is a result of investors selling off their holdings in the Grayscale Bitcoin Trust (GBTC). GBTC recently transitioned from a trust to an exchange-traded fund (ETF) after receiving approval from the U.S. Securities and Exchange Commission (SEC).
Scaramucci’s trading desk has reported that GBTC holders are booking losses on their shares in order to switch to ETFs with lower fees. The estate of FTX, a bankrupt crypto exchange, also took advantage of the hype surrounding the Bitcoin ETF approval to sell off its holdings.
Despite the current sell-off, Scaramucci predicts that the situation will change within a week. He expects the selling pressure to subside and for Wall Street to start marketing these ETFs in about eight days. As of now, Bitcoin is trading at $43,039.
Hot Take: Grayscale Sell-Off and Bitcoin’s Correction
The recent correction in Bitcoin’s price can be attributed to investors selling off their holdings in the Grayscale Bitcoin Trust (GBTC), according to Anthony Scaramucci. With GBTC transitioning into an exchange-traded fund (ETF), investors are opting for ETFs with lower fees and booking losses on their GBTC shares. Additionally, the estate of bankrupt crypto exchange FTX took advantage of the Bitcoin ETF hype to sell off its holdings. However, Scaramucci believes that this selling pressure will subside in about a week’s time as Wall Street begins marketing these ETFs.
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