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Coinbase Appeals SEC's Cryptocurrency Classification Decision.
CryptoNews

Coinbase Appeals SEC’s Cryptocurrency Classification Decision.

A well-known cryptocurrency exchange called Coinbase has gone to court by making…

By Nayab Fatima
Bitcoin (BTC) Slips 30% Relative to Gold
NewsBitcoin News

Bitcoin (BTC) Slips 30% Relative to Gold

Bitcoin lost a lot of value when it fell to just above…

By Sana Bukhari
Iran-Israel Conflict Sparks $860M Crypto Market Exodus
CryptoNews

Iran-Israel Conflict Sparks $860M Crypto Market Exodus

Worsening relations between Iran and Israel caused a shocking $860.82 million worth…

By Sana Bukhari
Ethereum's Shadow Lifts As ONDO Eyes $1 Amid Bullish Surge
NewsEthereum News

Ethereum’s Shadow Lifts As ONDO Eyes $1 Amid Bullish Surge

As the crypto market goes down, Ethereum has become the star of…

By Rubab Fatima
Solana Plunges Below $170 Amid Cryptocurrency Turbulence
NewsAltcoin News

Solana Plunges Below $170 Amid Cryptocurrency Turbulence

Bearish opinion has been weighing on Solana (SOL), whose price dropped below…

By Rubab Fatima
Over $166 million and more than 2,500 Bitcoin were taken out of the Grayscale Bitcoin exchange-traded fund (ETF), which is also known as GBTC, on Friday, April 12. Farside Investors claims that since the Bitcoin ETF started trading in January, more than $16.2 billion has been taken out of GBTC. Every day in April, between $75 million and $300 million have been taken out of the Grayscale Bitcoin Trust (GBTC). Bitcoin ETFs, on the other hand, are not receiving many new investments, which shows that buyers are losing interest. GBTC reported substantial outflows of $767 million this week, which added to the general trend of Bitcoin ETF flows moving downwards. With BlackRock's help, the IBIT Bitcoin ETF now has more than $15 billion in assets under control, bringing it closer to Grayscale's Bitcoin reserves. It's thought that a significant portion of the funds that left GBTC may have gone to BlackRock. Bitcoin Trust Outflow Analysis Earlier this week, Grayscale CEO Michael Sonnenshein gave traders and buyers reason to be optimistic by implying that outflows from the Grayscale Bitcoin Trust might level off. However, new information indicates that things may not be going as planned. The high management fee is one of the main reasons why GBTC has lost an enormous amount of funds. Sonnenshein has not wanted to lower the fees, even though they are losing customers to rivals. When it comes to U.S. Bitcoin ETFs, GBTC has the highest management fees at 1.5% per year, while its competitors charge an average of 0.30%. Sonnenschein said that when new commodity or theme-based exposure products come out, like the Grayscale Bitcoin Trust, the markets usually get very enthusiastic. As time goes on, though, these items become more mature, which causes the market to become more concentrated as investors focus on a few products. According to figures from Farside, GBTC saw outflows of $17.5 million on April 10. This was an enormous decrease from April 9, when that number was $154.9 million. GBTC had the least amount of funds leave the market on February 26, when $22.4 million left the market. Over the past four months, GBTC has shed an average of $257.8 million every day. Launched in 2015, GBTC became an ETF in January along with nine other Bitcoin ETFs. This happened after Grayscale won a case against the SEC, which led to a review of its earlier denial of its GBTC conversion bid. Genesis, a crypto loan company that went out of business recently sold about 36 million GBTC shares for 32,041 Bitcoin.
Bitcoin NewsNews

Bitcoin ETFs See Decline Amid GBTC Exodus

Over $166 million and more than 2,500 BTC were taken out of…

By Aima Raza
Bitcoin Plunges Below $67,000 Amid Global Inflation Worries
NewsBitcoin News

Bitcoin Plunges Below $67,000 Amid Global Inflation Worries

Bitcoin, the most well-known digital currency that is known for being strong,…

By Rubab Fatima
Bitcoin's Bull Cycle In Question As Market Stagnates
Bitcoin NewsNews

Bitcoin’s Bull Cycle In Question As Market Stagnates

In recent weeks, Bitcoin's price rise has begun to slow down, which…

By Aima Raza
Coinbase Forges Ahead After Legal Setback Against SEC
Exchange NewsNews

Coinbase Forges Ahead After Legal Setback Against SEC

Recently, Cryptocurrecy Exchange, one of the most well-known bitcoin exchanges, lost in…

By Sana Bukhari
Bitcoin ETFs See $55M Outflow as BTC Drops
Bitcoin NewsNews

Bitcoin ETFs See $55M Outflow as BTC Drops

Bitcoin ETFs saw a significant shift in investor opinion on Friday, April…

By Sana Bukhari