Bitcoin’s Kimchi Premium Dips by 1.54% amid Market Fluctuation
This current drop in the Bitcoin Kimchi Premium comes as trading volumes on South Korea’s top five crypto exchanges plummet.
This current drop in the Bitcoin Kimchi Premium comes as trading volumes on South Korea’s top five crypto exchanges plummet.
GBTC’s high management fees at 1.5% continue to hurt Grayscale as revenue of the firm remained flat in Q1 amid high redemptions from Bitcoin ETF.
Earlier this week, GBTC recorded daily net inflow after a very long time of constantly seeing outflows.
Despite Grayscale GBTC holding the largest BTC reserves, the BlackRock Bitcoin ETF IBIT remains the top choice of institutions.
The company is also holding large amount of shares of the Fidelity Bitcoin ETFs, as well as the ProShares Bitcoin Strategy ETF (BITO).
The daily trading volume of the US spot Bitcoin ETFs has significantly declined since March.
The total April net outflows of $343.5 million has successfully broken the three months of consecutive inflow streak for the spot Bitcoin ETFs.
The much-anticipated Bitcoin halving event on April 20 was expected to trigger a price surge but failed to deliver the anticipated impact. Instead, Bitcoin saw a subsequent 15% drop.
Bitcoin’s decline to $64,000 had a widespread impact on the overall market, particularly affecting altcoins, which experienced larger drops than BTC.
In an attempt to reverse its fortunes, Grayscale revealed its plan to launch an innovative low-cost version of its GBTC fund named “Grayscale Bitcoin Mini Trust” with just 0.15% fees.