GBTC Experiences Record Bitcoin Outflow; Blockguard CEO Advises Investor Calm Amidst Market Shift

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Grayscale’s spot bitcoin exchange-traded fund (ETF), known as GBTC, has experienced increased outflows since its recent update. Present data reveals that a substantial 14,292.18 bitcoin, valued slightly above $556 million, exited the fund after Monday’s trading activities.

GBTC Sees $556 Million Leave, Bitcoin Prices Slide Beneath $39K

Recent figures indicate a notable decrease in Grayscale’s spot bitcoin ETF holdings, declining from 566,973.40 BTC on Friday to 552,681.22 BTC currently. This reduction highlights that the fund’s most recent outflow is its largest to date, with 14,292.18 BTC, equivalent to $556 million, departing from the trust. Since Jan. 12, 2024, GBTC has seen its reserves diminish from 617,079.99 BTC to its present level, a loss of roughly 64,398.77 BTC, now valued at just over $2.5 billion.

On Jan. 22, the trade volumes for spot bitcoin ETFs reached $2.09 billion, with GBTC volume contributing $1.08 billion to this total. The latest figures reveal that Blackrock’s IBIT spot bitcoin exchange-traded fund (ETF) has experienced a notable uptick in its holdings, currently possessing 39,925.37 BTC as of Jan. 22, 2024. In a similar vein, Fidelity’s Wise Origin spot bitcoin ETF, known as FBTC, now boasts a holding of 30,169.54 BTC.

Grayscale’s outflows and the declining value of bitcoin have sparked widespread discussion on social media platforms. Bitcoin’s price has slid below the $39K threshold. Etoro’s market strategist, Simon Peters, commented on Monday morning that a portion of GBTC’s outflows can be attributed to investors migrating towards options with “lower fee alternatives.” Concurrently, xs.com’s market analyst, Antonio Ernesto Di Giacomo, pointed to bitcoin miner outflows as contributing to the downturn.

In a note sent to Bitcoin.com News, Blockguard CEO Anthony Bevan emphasized that retail investors should remain calm during the correction. “Retail investors need to be aware that large players in the market will always try to manipulate prices, this is done to flush out sellers’ lower price, and more often than not the big player will buy back in,” Bevan explained. “The important thing you is to stay calm and where possible DCA (dollar-cost-average) into your investment.”

Bevan additionally emphasized that predicting the duration of this downturn is an uncertainty. “However in my opinion, we will see a strong wick down to liquidate longs with bounce and slight recovery so that we find a range again, once we find a new range, we will have a better idea of where the market would go next,” the Blockguard executive added. Over the last 24 hours, coinglass.com metrics show $91.92 million in bitcoin long positions have been liquidated.

What do you think about the GBTC outflows and bitcoin’s price sinking below $39K? Let us know what you think about this subject in the comments section below.

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