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The rate of selling Grayscale Bitcoin Trust ETF shares is diminishing. Additionally, the addresses of certain stock wallets have been disclosed, leading users to feel assured about their security. Consequently, the pressure on BTC has lessened. Previously, the asset’s price dipped below $39,000.
As reported by BitMEX Research, outflows from Grayscale’s spot Bitcoin ETF have decreased for the second consecutive day. Over the nine days since trading commenced, investors have withdrawn 106,092 BTC (approximately $4.4 billion) from GBTC accounts. The fund continues to manage over $20.2 billion in assets.
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Bloomberg Analyst Eric Balchunas also highlighted the declining trend in fund outflows. Previously, he indicated that the GBTC fund might experience a loss of up to 25% of its shares before capital outflows completely cease. He further mentioned that there are numerous uncertainties that hinder precise predictions. In a poll he conducted, nearly half of the respondents believed that the fund would lose between 35% and 50% before the outflows come to an end.
Representatives from Bitwise disclosed the address of their wallet that contains the assets backing the shares of the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). The fund currently manages 11,858 BTC (around $465.3 million). Analysts at Arkham Intelligence also published the suspected addresses of several other spot Bitcoin ETFs, including those of BlackRock, Fidelity, and Franklin Templeton. The findings suggest that the reported security level of these funds aligns with the actual level. The firm also cautioned that on-chain data might be misinterpreted, as some funds are not being withdrawn from GBTC accounts but are being transferred to different addresses.
The decline in BTC has halted in light of this news. CoinGecko noted that the previous day, the asset’s price fell to $38,600 amid significant fluctuations in trading volumes. However, as of now, Bitcoin’s price has rebounded to $40,100, with trading volume showing some stabilization. The price of Bitcoin faces pressure from macroeconomic indicators, and analysts view a substantial increase in the asset’s value as an improbable scenario.
Сообщение GBTC Sell-Off Slows Down, BTC Returns to $40,000 появились сначала на CoinsPaid Media.
