Grayscale Offloads $2.14 Billion in Bitcoin (BTC) Following ETF Approval: Details

Grayscale Offloads $2.14 Billion in Bitcoin (BTC) Following ETF Approval: Details

In a surprising move, Grayscale Investments, the company behind the renowned Grayscale Bitcoin Trust (GBTC), has reportedly sold a substantial amount of Bitcoin (BTC), totaling $2.14 billion. This massive divestment comes in the wake of the recent approval granted by the United States Securities and Exchange Commission (SEC) for spot Bitcoin exchange-traded funds (ETFs).

In a surprising move, Grayscale Investments, the company behind the renowned Grayscale Bitcoin Trust (GBTC), has reportedly sold a substantial amount of Bitcoin (BTC), totaling $2.14 billion. This massive divestment comes in the wake of the recent approval granted by the United States Securities and Exchange Commission (SEC) for spot Bitcoin exchange-traded funds (ETFs).

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According to Lookonchain, a prominent cryptocurrency analytics platform, Grayscale’s Bitcoin holdings have decreased by approximately 52,227 BTC, equivalent to $2.14 billion, since the SEC gave the green light to spot Bitcoin ETFs earlier this month. . Grayscale currently holds 566,973 BTC, valued at $23.21 billion. In comparison, iShares (BlackRock) has 33,431 BTC ($1.37 billion), Fidelity has 24,857 BTC ($1.02 billion), and Bitwise has 10,152 BTC ($415.6 million).

A strategic move?

This strategic move by Grayscale is noteworthy, given the recent wave of approvals granted by the SEC for several Bitcoin spot ETFs. Notable financial players gaining approval include ARK Invest, Black Rock, VanEck, WisdomTree, Fidelity, Invesco, Franklin Templeton, Bitwise and Valkyrie. Additionally, Grayscale Investments received the green light to convert its $28 billion Bitcoin trust into the GBTC Spot ETF, marking a significant change in the investment landscape.

The cryptocurrency community is abuzz with speculation over Grayscale’s decision to offload a substantial portion of its Bitcoin holdings. Analysts suggest that the approval of the spot Bitcoin ETF It may have led Grayscale to strategically relocate its assets, taking advantage of increased institutional interest in the cryptocurrency market.

Meanwhile, the broader Bitcoin market trend appears to lack momentum as the current price it’s found at $40,955. This reflects a 1.73% decrease in the last 24 hours and a 5.90% decrease in the last 30 days. The market dynamics, coupled with the Grayscale Bitcoin sell-off, raise questions about the potential impact on Bitcoin’s overall valuation and the strategic positioning of major institutional players in the evolving crypto landscape.

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