The world’s largest cryptocurrency Bitcoin (BTC) continues to face selling pressure after the Bitcoin ETF approval. In the last few hours, the BTC price tanked by a further 8% slipping all the way to $42,500 levels, as of press time. Some market analysts have also called the Bitcoin ETF launch a failure.
What’s Behind the Bitcoin Price Rout?
The recent dip in Bitcoin prices, is partly due to substantial sales of Grayscale Bitcoin Trust (GBTC) shares, as noted by Anthony Scaramucci, founder of SkyBridge Capital. In an interview with Bloomberg Television, Scaramucci revealed an observed trend of significant Grayscale selling, pointing to holders converting their shares from a trust to an ETF format. The U.S. Securities and Exchange Commission’s recent approval of ETFs prompted many to shift to these lower-fee alternatives, resulting in sell-offs to realize losses.
Grayscale Bitcoin Trust, with its inception in 2013, witnessed a record-breaking first-day turnover of $2.3 billion on
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