Grayscale’s Bitcoin Holdings Decrease
Recent reports indicate that Grayscale’s Bitcoin holdings have decreased from 619,000 BTC in January to 478,000 BTC. Investment giants like Blackrock and Fidelity have been absorbing the outflow, with Blackrock now holding $3.2 billion in Bitcoin.
Bitcoin Selling Rate
Market observer MartiniGuyYT has highlighted that Grayscale customers are selling $150 million worth of Bitcoin every day. If this selling continues at the current rate, Grayscale could deplete its holdings within 176 days.
Inflows to Other ETFs
Fidelity’s Wise Origin Bitcoin Fund (FBTC) and Blackrock’s iShares Bitcoin Trust (IBIT) have seen substantial inflows, while other ETFs such as ARK Invest’s 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin ETF (BTCO), and WisdomTree Bitcoin Fund (BTCW) have seen more modest activity.
Grayscale Pushes for Listed Options
Grayscale’s CEO, Michael Sonnenshein, is advocating for the launch of listed options for a spot Bitcoin ETF in the United States. Meanwhile, the pace of outflows from Grayscale’s Bitcoin Trust (GBTC) appears to be slowing down, with reduced outflows reported over the last two weeks.
Hot Take: Decreasing Grayscale Holdings Raise Concerns
The decrease in Grayscale’s Bitcoin holdings raises concerns about the future of the company. With significant outflows and competition from other ETFs, Grayscale may face challenges in maintaining its position in the market. It remains to be seen how these developments will impact the overall landscape of cryptocurrency investments.
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