Grayscale’s Bitcoin Trust sees massive outflows as investors cash in on gains
Bitcoin has experienced a sharp decline of over 14% this week, despite the recent approval of spot crypto exchange-traded funds (ETFs). Interestingly, this downturn seems to be linked to Grayscale, the digital asset manager owned by crypto giant Digital Currency Group. Investors in Grayscale’s Bitcoin Trust (GBTC), which recently converted to a Bitcoin ETF following SEC approval, have been swiftly exiting their positions, leading to a significant sell-off.
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