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Coin Stories with Natalie Brunell
News Block: GBTC ETF Outflows Hit Bitcoin Price, President Trump Says No to a U.S. CBDC, Jamie Dimon Calls Bitcoin a “Pet Rock,” Milei Urges Davos Elite to Embrace Freedom
Jan 24, 2024
11:13
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Bitcoin's price decline, outflows from grayscale's GBTC ETF, Tether's profits on Bitcoin. Concerns with CBDCs, criticisms of Bitcoin. Addressing misconceptions about Bitcoin and critiquing Davos conference.
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Quick takeaways
- Grayscale's GBTC has seen significant outflows of $3.4 billion in its first week, impacting the market
- Tether is using 15% of its profits to purchase Bitcoin, making it one of the largest holders of Bitcoin
Deep dives
Bitcoin ETFs and GBTC Outflows
Bitcoin's price has experienced a downward trend after the approval of spot Bitcoin ETFs, with a decline of 20%. However, the ETFs have seen successful launches, trading nearly $20 billion in volume in the first week. While these ETFs are gaining traction, Grayscale's GBTC has seen significant outflows of $3.4 billion in its first week due to high fees and competition from other ETFs. In addition, the FTX Bankruptcy Estate sold a billion dollars worth of GBTC shares, impacting the market. Despite this short-term turbulence, the presence of these ETFs and their substantial Bitcoin holdings have the potential to bring billions into the market in the future.
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