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    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

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    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

    Charlie Hunnam Reflects on Playing a Serial Killer in Monster: The Ed Gein Story – Yahoo

    Charlie Hunnam Reveals the Dark Challenges of Playing a Serial Killer in Monster: The Ed Gein Story

    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

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    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

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    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

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    Court Restricts Protests In Lagos To Freedom, Peace Park

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    ARM Institute opens technology project call to speed submarine manufacturing – The Robot Report

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FTX Crashed Bitcoin Price Below $40K – Here’s How

January 23, 2024
in Business
FTX Crashed Bitcoin Price Below $40K – Here’s How
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Following the conversion of Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund, the bankrupt FTX’s assets have now sold approximately $1 billion worth of GBTC shares. 

Details of The Sale

FTX, which filed for Chapter 11 Bankruptcy on 11 November 2022, has recently sold 22 million shares of GBTC, which converted into Bitcoin ETFs earlier this month on January 11.

This sell-off by FTX has now effectively reduced its stake to zero. Before the sale, FTX held 22.3 million GBTC shares valued at $597 million as of October 25, 2023.

The conversion of Grayscale Bitcoin Trust into an ETF was a landmark event in the crypto space, followed by the SEC’s approval of multiple new Bitcoin ETFs.

While Bitcoin ETF issuers like Grayscale and Fidelity’s funds have been witnessing considerable inflows, GBTC has witnessed substantial outflows, with FTX’s sales accounting for a significant portion of the decline.

Future Implications

FTX’s cryptocurrency holdings extended beyond GBTC, encompassing shares in five Grayscale trusts and nearly 3 million shares in a statutory trust managed by ETF provider Bitwise. 

These holdings were maintained in a brokerage account at ED&F Man Capital Markets, now recognized as Marex Capital Markets Inc. Both Marex and Galaxy Digital, have refrained from providing comments on these developments.

On the other hand, Alameda Research, the sister firm of FTX, has voluntarily dismissed the lawsuit against Grayscale alleging that the latter had charged excessive fees. 

Bitcoin Price Movement

Data reveals that contrary to the bullish speculations of Bitcoin expected post-ETF approval, the price of Bitcoin has substantially declined ever since the launch of these ETFs.  Many analysts anticipated that Bitcoin ETFs would provide an easier investment opportunity for the general public which simultaneously triggered these positive speculations. 

In Conclusion

FTX’s strategic move to offload GBTC shares has made the market dynamics more complex. With FTX completing the sale of its substantial GBTC holdings, speculations are arising that the selling pressure on GBTC may ease. The unique event of a bankruptcy estate liquidating holdings could have contributed to the recent outflows.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/news/ftx-crashed-bitcoin-price-below-40k-heres-how/

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