According to data analyzed by Bloomberg analyst Eric Balchunas, since the Grayscale Bitcoin Trust Fund (GBTC) successfully transformed into a spot ETF, the net outflow of funds from GBTC has exceeded $2.8 billion over 6 trading days.
CoinDesk, citing sources, reported that a significant portion of this outflow came from liquidation activities at the “bankrupt exchange FTX.” CoinDesk noted that FTX has sold all 22 million shares of GBTC holdings, totaling nearly $1 billion. Additionally, FTX’s sister company Alameda Research voluntarily withdrew a lawsuit alleging that Grayscale had charged excessive fees.
It is worth noting that the fact that “most of the GBTC outflow comes from FTX liquidation” may change analysts’ views on the current trend of Bitcoin. Analysts originally believed that the recent decline in the Bitcoin secondary market and the large outflow of funds from GBTC were due to “most investors choosing to take profits after the successful transformation of GBTC.” However, if a large portion of the outflow actually comes from an isolated event (FTX liquidation) rather than market activity itself, the interpretation of fund flows may change.
According to estimates from Bloomberg ETF analyst Eric Balchunas, approximately 35% of GBTC outflows are shifting to new ETFs, but with FTX completing the liquidation of GBTC, the proportion of outflows from GBTC moving to other Bitcoin ETFs may increase in the future.
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