Experts suggest that if traditional finance wants to enter the Bitcoin ETF market, they may choose to acquire the cryptocurrency asset management company, Grayscale, in order to quickly expand their asset management scale and gain knowledge in the field of cryptocurrency business management.
(Background:
Grayscale’s GBTC saw outflows of nearly 4 billion pounds in eight days! Bloomberg analysts estimate the outflow rate to be 20%-35%.)
The approval of multiple Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC) is considered a milestone in the acceptance of cryptocurrencies by traditional finance. It is also expected to attract more funds into the cryptocurrency market.
BDE Ventures: Grayscale may be acquired by traditional finance
According to Brian D. Evans, the founder of BDE Ventures, Grayscale, which has obtained approval from the SEC to convert its Bitcoin Trust GBTC into a Bitcoin spot ETF, is highly likely to be acquired when traditional funds compete for the Bitcoin ETF market.
Nate Geraci, President of consulting firm ETF Store, also expressed the same opinion.
In addition, James Seyffart, an ETF analyst at Bloomberg, pointed out that Grayscale’s GBTC saw outflows of nearly 4 billion US dollars in eight days.
Since the listing of the Bitcoin spot ETF, Bitcoin has continued to decline, falling below $39,000 on January 23, reaching a new low since December last year. The market generally believes that this is due to Grayscale GBTC investors continuously taking profits under factors such as the approaching of the net asset value discount to zero and high management fees.
According to data from BitMEX Research, the Bitcoin spot ETF had a net outflow of $487 million on its eighth trading day, with a cumulative net inflow of $601 million in eight days. On the eighth day, GBTC had a net outflow of $515.3 million, with a cumulative net outflow of $3.963 billion in eight days.
However, the outflow of $515.3 million from GBTC on the 24th decreased compared to the $640 million on the 23rd, and the discount of GBTC relative to its net asset value has also significantly decreased (currently at a discount of 0.11%), which may indicate a decrease in selling pressure on GBTC.
Related Reports:
Bitcoin spot ETF’s “first-day trading volume” surpasses $4.6 billion! Grayscale GBTC leads, followed closely by BlackRock.
Wall Street Banks: SEC does not want to repeat the “defeated Grayscale” and is forced to approve Bitcoin spot ETF by January 10.
Competing for the spot ETF pie: Goldman Sachs wants to become an underwriter for BlackRock and Grayscale GBTC trading.