- GBTC outflows may have stabilized following months of selling as per Grayscale CEO.
- The ETF has had massive withdrawals of over $15 billion in the last three months.
According to the most recent edition of Reuter’s Inside ETFs, the remarks made by Grayscale CEO Michael Sonnenshein about Bitcoin ETFs seem to have sent shockwaves across the cryptocurrency market throughout the world. On April 10, investor interest was piqued by Michael Sonnenshein’s statement that Grayscale Bitcoin Trust (GBTC) outflows may have stabilized following months of selling.
In the ever-evolving Bitcoin exchange-traded fund (ETF) industry, Grayscale has encountered formidable rivals since the launch of BTC ETFs after clearance by the U.S SEC. Investors and traders are feeling positive after the CEO said that the outflows could be hitting a balance. This might mean that selling pressure is equalizing out purchasing interest in the market.
Little Bit of Equilibrium
Curiously, BitMEX Research reports that Grayscale Bitcoin Trust (GBTC) has had massive withdrawals of over $15 billion in the last three months.
Sonnenshein stated:
“We do believe that the fund has started to reach a little bit of an equilibrium where some of those anticipated outflows, whether it was some of the bankruptcy selling or some investors perhaps undertaking switch trades, are largely behind us.”
The CEO of Grayscale made a comment that gave GBTC a little boost to the market, suggesting that the price may level out soon and that supply and demand are in balance as outflows come to a halt.
Additionally, he said that certain withdrawals were linked to the bankruptcy settlements of FTX and other failed cryptocurrency startups. On the other hand, there were investors who sold GBTC in order to instantly purchase another Grayscale ETF.
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