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Tag: ETF

Hong Kong Greenlights Bitcoin, Ethereum ETFs, Expanding
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Hong Kong Greenlights Bitcoin, Ethereum ETFs, Expanding

Recently, the Hong Kong Securities and Futures Commission (SFC) gave HashKey Capital…

By Sana Bukhari
Solana Plunges Below $170 Amid Cryptocurrency Turbulence
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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 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
Litecoin (LTC) Hits 5 Million Long-Term Supporters
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Litecoin (LTC) Hits 5 Million Long-Term Supporters

Litecoin (LTC) now has more than five million long-term users. This is…

By Rubab Fatima
Bitcoin Halving Interest Doubles Since 2020, CoinWire
Bitcoin NewsNews

Bitcoin Halving Interest Doubles Since 2020, CoinWire

A new report from CoinWire says that since 2020, interest in half…

By Nayab Fatima
Bitcoin Leads Hong Kong's Approval of First Bitcoin, Ethereum ETFs
Bitcoin NewsNews

Bitcoin Leads Hong Kong’s Approval of First Bitcoin, Ethereum ETFs

Hong Kong is almost ready to approve its first Bitcoin and Ethereum…

By Nayab Fatima
Bitcoin Whales Firm As BTC Hits $70K Milestone
NewsBitcoin News

Bitcoin Whales Firm As BTC Hits $70K Milestone

Despite the crazy market and the fact that many people thought Bitcoin…

By Rubab Fatima
BlackRock's IBIT Ascends, Bitcoin Trust Reigns Supreme
NewsBitcoin News

BlackRock’s IBIT Ascends, Bitcoin Trust Reigns Supreme

The iShares Bitcoin Trust (IBIT) from BlackRock has once again demonstrated its…

By Sana Bukhari
Ethereum Whales Make Waves Amid Price Downturn
Ethereum NewsNews

Ethereum Whales Make Waves Amid Price Downturn

Significant investors, also known as "whales," have been buying a lot of…

By Nayab Fatima