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The once "Favourable Information" for Bitcoin has turned into a source of selling pressure; how long will Grayscale's GBTC impact the market?
Grayscale has been a significant institutional investment representative in the cryptocurrency field since its establishment and is one of the largest publicly held "whales". Over the years, it has provided compliant cryptocurrency investment channels for investors through trust funds.
However, after the Grayscale GBTC trust successfully transitioned to a spot Bitcoin ETF on January 11, the situation underwent a dramatic change. As of now, GBTC has seen outflows totaling $3.45 billion, while the other 10 ETFs have maintained a net inflow. This indicates that Grayscale GBTC has become the main factor contributing to the overall outflow of funds from Bitcoin ETFs, becoming the largest source of sell-offs in the short term.
Grayscale was once the most important public holder in the crypto world. Established in 2013 as a subsidiary, Grayscale has been active before the spot Bitcoin ETF was listed.