Reddit debuted on the New York Stock Exchange to eager traders as shares jumped significantly and closed close to 50%.
Grayscale’s BTC holding was down to 361.79K, from 624.28K Bitcoins it held by January 11, before ETF conversion.
Despite the strong outflows from Bitcoin ETFs, Bitcoin price bounced back above $67,000 following the dovish stand by the Fed. Analysts remain hopeful before the Bitcoin halving next month.
The delay by the US SEC on the VanEck spot Ether ETF coincides with reports about the agency investigating the Ethereum Foundation with claims of violating securities laws through its ICO.
Grayscale’s GBTC cash outflow is expected to continue in the coming weeks despite the recent move to save its clients.
James Seyffart pointed out that the US SEC has not engaged the spot Ether ETF applicants in any way like Bitcoin’s earlier this year.
Grayscale’s Sonnenshein justified high fees due to GBTC’s liquidity and track record. He explained that other ETFs may offer lower fees because they lack a proven track record, and issuers are enticing investors with fee incentives.
The decline in Bitcoin ETF inflows and the record outflow from GBTC suggest a reevaluation of Bitcoin investment strategies among institutional and retail investors.
Telegram conducted an oversubscribed bond offering as investors forecast the company’s inevitable profitability from its 900 million monthly active users.
BlackRock’s iShares Bitcoin Trust (IBIT) set a new record in daily traded shares of about 100 million on Thursday and a record daily inflow of $849M on Tuesday.
Senators urged the commission to reassess the approval of additional cryptocurrency ETFs, citing potential risks for retail investors.
VanEck stated that Ethereum is a cash producing asset and thus its spot ETF could be more or equally successful to the Bitcoin ETFs.
In addition to the rise of Bitcoin ETFs, the broader cryptocurrency market has seen record inflows, with a CoinShares report indicating that crypto saw inflows of $2.7 billion last week.
JPM Securities emphasized that flows are most likely to increase significantly as ETF approval marks the start of a longer process of capital allocation.
In contrast to Coinbase’s expansionary endeavors, Cathie Wood’s Ark Invest has been engaging in a selling spree, offloading another $27 million worth of COIN shares.