Newly released data reported by CoinShares reveals that Grayscale’s spot bitcoin ETF (GBTC) saw over $2.2 billion in outflows last week, greatly outweighing the inflows of its competitors. The outflows may be subsiding, but global outflows of digital asset products totaled over $500 million, with $409 million of it coming from the United States. FTX, with its connection to Grayscale, has also been impacted by these outflows.
Grayscale’s spot bitcoin ETF (GBTC) saw significant outflows last week, surpassing the total inflows of its competitors. FTX, which sold off 22 million shares of GBTC, also impacted the situation. Alameda Research dropped a lawsuit against Grayscale, accusing them of improperly holding investor and creditor funds. Grayscale CEO Michael Sonnenshein remains optimistic about the company’s spot bitcoin ETF despite the turbulent week.
Impact of Outflows
What are the potential impacts of the significant outflows seen by Grayscale’s spot bitcoin ETF? How might this affect the broader cryptocurrency market?
Lawsuit and Oversight
What are the implications of Alameda Research dropping their lawsuit against Grayscale? How might this impact the oversight and regulation of spot bitcoin ETFs?
Future of Grayscale’s ETF
How do the statements and actions of Grayscale CEO Michael Sonnenshein reflect the company’s confidence in its spot bitcoin ETF? What does this indicate about the future of Grayscale’s products and the company’s position in the market?
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