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Outflows from Grayscale bitcoin ETF hit $1.9 billion in single week
Economic Times
·
1y ago
Medial
Last week, Grayscale Bitcoin Trust experienced $1.9 billion in outflows, resulting in net outflows for the group of U.S. spot bitcoin exchange-traded funds (ETFs), as reported by BitMEX Research. While new funds from BlackRock and Fidelity Investments have shown buying interest since the approval of cryptocurrency ETFs by the U.S. Securities & Exchange Commission in January, the outflows from Grayscale have surpassed the inflows. This is due to high management fees compared to its rivals and selling by bankruptcy trustees. In contrast, BlackRock's iShares Bitcoin Trust has seen significant gains, reaching $10 billion in assets.
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Grayscale bitcoin ETF saw record daily outflows as bitcoin tumbled
Economic Times
·
1y ago
Medial
Bitcoin experienced a selloff, resulting in record outflows from Grayscale's Bitcoin Trust. The outflows from Grayscale's ETF reached a daily record of $642.5 million on Monday, as investors unloaded holdings. Since converting into an ETF on January 10th, the Grayscale fund has witnessed outflows totaling approximately $12 billion. However, the fund's assets currently stand at $27.2 billion, mitigating some of the losses. Nine new spot bitcoin ETFs approved by the SEC have seen inflows of money since their launch. Profit-taking and redemptions are expected for the largest and most expensive bitcoin ETF.
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Grayscale CEO sees bitcoin ETF outflows reaching equilibrium
Economic Times
·
1y ago
Medial
Outflows from Grayscale Bitcoin Trust (GBTC) may be stabilizing after months of investor selling, according to CEO Michael Sonnenshein. While total outflows reached over $15 billion in the last three months, the surge in bitcoin's value prevented a significant dip in Grayscale's assets under management, currently standing at $23.13 billion. Some of the outflows were attributed to bankruptcy settlements and investors switching to other Grayscale ETFs. Sonnenshein hinted at future competition with rival offerings from BlackRock and Fidelity, and expressed optimism about gaining SEC approval for a spot ether ETF.
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US cryptocurrency ETF inflows pick up as bitcoin price recovers
Economic Times
·
1y ago
Medial
Inflows into recently launched bitcoin exchange-traded funds (ETFs) have increased this week following a rebound in the cryptocurrency's price. The nine ETFs, launched in January, attracted nearly $1 billion in assets in the first two days of this week. The Fidelity Wise Origin Bitcoin Fund has overtaken BlackRock's iShares Bitcoin Trust in terms of assets, drawing in $540.9 million compared to BlackRock's $197.7 million. However, the Grayscale Bitcoin Trust, which converted to an ETF on the same day as the other nine, has seen steady outflows, reaching $562.4 million in the first two days of this week. These numbers, though significant for the ETF market, are still relatively small compared to bitcoin's overall market capitalization. Regardless, ETF flows appear to be influencing bitcoin's price at the moment.
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Nine crypto VCs on why Q1 investments were so hot and how it compares to previous bull market
TechCrunch
·
1y ago
Medial
The first quarter of 2024 has seen a surge in investments in the crypto and blockchain sectors, with a total of $2.52 billion raised, a 25% increase compared to the previous quarter. Positive legal wins for Ripple and Grayscale, the rise of decentralized finance (DeFi) on Solana, and increased demand for Bitcoin following SEC spot bitcoin ETF approvals have contributed to this surge. The crypto venture capital funding landscape is cautiously optimistic and rebounding from a challenging period, with notable upticks in deal-making activity. The market is expected to continue heating up throughout the year, driven by a bullish macro backdrop and institutional interest.
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US SEC gives green light for options listing for spot bitcoin ETFs to NYSE
Economic Times
·
9m ago
Medial
The US Securities and Exchange Commission (SEC) has given accelerated approval to 11 exchange-traded funds (ETFs) to trade options linked to bitcoin prices on the New York Stock Exchange. This move follows the SEC's previous approval in January of bitcoin ETFs to track the cryptocurrency. Notable funds receiving approval include the Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, and the Grayscale Bitcoin Trust BTC. The introduction of index options offers institutional investors and traders an alternative way to hedge their exposure to bitcoin. Options provide holders the right to buy or sell an asset at a predetermined price by a specific date.
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Genesis gets court approval to sell $1.6 billion in crypto trust shares
Economic Times
·
1y ago
Medial
Genesis, the bankrupt crypto lender, has received permission from a U.S. court to sell around $1.6 billion worth of Grayscale cryptocurrency trust shares. This move is part of Genesis' effort to repay its creditors. The court approved the sale of shares in Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust. Genesis aims to monetize its shares to repay customers and avoid monthly fees on its trust agreements. The decision overruled an objection from Digital Currency Group (DCG), Genesis' parent company. The court will further consider approving Genesis' bankruptcy plan on February 26.
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Coinbase to launch new lending platform aimed at large institutional investors
Economic Times
·
1y ago
Medial
The crypto industry, which was reeling from several high profile failures, got a boost last week after a three-judge panel ruled that the Securities and Exchange Commission (SEC) was wrong in rejecting Grayscale's proposed bitcoin ETF without explaining its reasoning.
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Hong Kong's largest bitcoin ETF assets up five-fold since October
Economic Times
·
1y ago
Medial
The largest bitcoin futures exchange-traded fund in Hong Kong has seen its assets under management soar to over $100 million in the past five months. The CSOP Bitcoin Futures ETF has experienced significant demand, fueled by the approval and launch of spot bitcoin ETFs in the US. The rally in bitcoin and its outperformance of Hong Kong stocks have also contributed to the increased interest. The CSOP Ether Futures ETF has also seen its assets double this year, while average daily turnover for the CSOP Bitcoin Futures ETF has surged to $2.8 million. There are expectations that Hong Kong may approve the first spot bitcoin ETF this year.
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FTX-tied Alameda Research drops lawsuit against Grayscale
Economic Times
·
1y ago
Medial
Cryptocurrency exchange FTX's affiliate, Alameda Research, has dropped a lawsuit against Grayscale Investments, accusing the digital asset manager of enriching itself at shareholders' expense. The lawsuit also alleged that Grayscale charged high fees and didn't allow investors to redeem their shares from the Grayscale Bitcoin Trust and Grayscale Ethereum Trust. The court filing revealed that all accusations against both parties were dismissed. Grayscale stated that the legal action was completely without merit, while DCG had no comment on the matter.
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FTX sold about $1 billion of Grayscale's bitcoin ETF since its approval: CoinDesk
Economic Times
·
1y ago
Medial
FTX, one of the leading cryptocurrency exchanges, reportedly sold around $1 billion worth of Grayscale's Bitcoin ETF (Exchange Traded Fund) since its approval. The sales came after the ETF received approval from the US Securities and Exchange Commission (SEC). FTX has been experiencing significant growth in trading volumes and user adoption and has become known for its wide range of innovative and popular cryptocurrency products.
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