Tag: SEC

Hong Kong Greenlights Bitcoin, Ethereum ETFs, Expanding
NewsAltcoin News

Hong Kong Greenlights Bitcoin, Ethereum ETFs, Expanding

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

By Sana Bukhari
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
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
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
Litecoin (LTC) Hits 5 Million Long-Term Supporters
NewsAltcoin News

Litecoin (LTC) Hits 5 Million Long-Term Supporters

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

By Rubab Fatima
XRP's Regulatory Echo Spurs Uniswap Rebound Speculation
NewsRipple News

XRP’s Regulatory Echo Spurs Uniswap Rebound Speculation

As a result of the U.S. Securities and Exchange Commission's (SEC) statement…

By Rubab Fatima
SEC Issues Wells Notice to Uniswap Amid Regulatory Crackdown
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SEC Issues Wells Notice to Uniswap Amid Regulatory Crackdown

The U.S. Securities and Exchange Commission (SEC) issued a Wells warning to…

By Sana Bukhari
Bitcoin Leads Surge As ETFs Draw $203m Inflows Pre-Halving
NewsBitcoin News

Bitcoin Leads Surge As ETFs Draw $203m Inflows Pre-Halving

Bitcoin Exchange-Traded Funds (ETFs) are seeing massive daily inflows thanks to a…

By Rubab Fatima
XRP Defies SEC Storm As Analyst Upholds $1 Bullish Forecast
NewsRipple News

XRP Defies SEC Storm As Analyst Upholds $1 Bullish Forecast

Ripple's XRP is the star of the show. Cryptocurrency fans can't wait…

By Rubab Fatima
Bitcoin's Exchange Reserves Drop Signals Market Shift
NewsBitcoin News

Bitcoin’s Exchange Reserves Drop Signals Market Shift

According to data from CryptoQuant, Bitcoin's exchange stocks have dropped sharply and…

By Rubab Fatima