Bitcoin Price Falls Despite ETF Approval
Grayscale Bitcoin Trust sees significant outflows, while FTX sells off assets to repay frozen funds
- Bitcoin's price has been falling despite the US Securities and Exchange Commission approving the first ever exchange-traded funds tracking the spot price of Bitcoin.
- Despite the fall in Bitcoin's price, Bitcoin ETF activity shows net buying, with about $5.3 billion poured into nine other spot Bitcoin ETFs.
- The Grayscale Bitcoin Trust, the largest Bitcoin ETF, has seen investors pull about $4.4 billion since it was converted to an ETF on January 11.
- FTX's new management is selling off its assets, including about $900 million worth of the Grayscale Bitcoin Trust, to pay back people who have had their funds frozen on the defunct exchange.
- Grayscale has been losing about $500 million a day since the SEC approved the ETFs, and as the price of Bitcoin continues to fall, it's going to make it easier for Grayscale investors to sell.
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