According to data analyzed by Bloomberg analyst Eric Balchunas, since the successful transformation of Grayscale Bitcoin Trust (GBTC) into an ETF, GBTC has seen a net outflow of funds exceeding $2.8 billion over 6 trading days.
CoinDesk, citing insider information, reported that a significant portion of these outflows came from liquidation activities by the “bankrupt exchange FTX.” CoinDesk noted that FTX has sold off all of its 22 million shares of GBTC, worth nearly $1 billion. Meanwhile, FTX’s sister company, Alameda Research, voluntarily withdrew a lawsuit accusing Grayscale of charging excessive fees.
It is worth mentioning that the fact that “most of the GBTC outflows come from FTX liquidation” may change analysts’ perspectives on the current trend of Bitcoin. Initially, analysts believed that the recent decline in the Bitcoin secondary market and the large-scale outflows from GBTC were due to “most investors choosing to take profits after GBTC’s successful transformation.” However, if a large portion of the net outflows actually stem from an independent event (FTX liquidation) rather than market activity itself, the interpretation of the fund flows may be altered.
According to Bloomberg ETF analyst Eric Balchunas’ estimation, approximately 35% of the current GBTC outflows are shifting towards new ETFs. However, with FTX completing the liquidation of GBTC, the proportion of GBTC outflows shifting towards other Bitcoin ETFs may increase in the future.
(This article is authorized and reprinted from GT Radar)
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