Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Grayscale Trust ETF moves $41 million in Bitcoin amid price drop

EditorAhmed Abdulazez Abdulkadir
Published 01/14/2024, 07:31 AM
© Reuters.
BTC/USD
-
GBTC
-

NEW YORK - Grayscale Trust ETF has transferred $41 million worth of Bitcoin to an exchange platform yesterday, as the cryptocurrency's price experienced a downturn. The movement of funds by the exchange-traded fund (ETF) comes at a time when Bitcoin's value fell to $42,719.

The transfer has raised questions about its potential influence on the redemptions of Grayscale's Bitcoin Trust (GBTC).

Grayscale has not provided a comment on the transfer or its timing in relation to the Bitcoin price drop. However, the correlation between the transfer and the dip in Bitcoin's price has become a point of discussion among market participants, who are monitoring the situation to gauge the ETF's strategy and the possible effects on Bitcoin's liquidity and market stability.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.