{"id":10410,"date":"2024-01-24T15:13:05","date_gmt":"2024-01-24T15:13:05","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=10410"},"modified":"2024-01-24T15:15:00","modified_gmt":"2024-01-24T15:15:00","slug":"gbtc-struggles","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/gbtc-struggles\/","title":{"rendered":"GBTC Struggles!"},"content":{"rendered":"

Although the outflows from GBTC<\/strong> have slowed down as of today, Bitcoin<\/strong> fell to its lowest level in two months on January 23.<\/p>\n

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You might like: DWF Labs Invests $500,000 in AirDAO to Support Ecosystem<\/strong><\/span><\/em><\/a><\/p>\n<\/blockquote>\n

As a result of this situation, Bitcoin fell below $39,000<\/strong>. After the GBTC share turned into a spot Bitcoin ETF investment fund on January 11, nearly $3.4 billion<\/strong> in outflows were made. At the same time, Grayscale transferred approximately 70,582 Bitcoins<\/strong> to Coinbase Prime<\/strong>, a US exchange, possibly to sell them.<\/p>\n

Investors began to worry that the exodus on the GBTC<\/strong> side would continue for a while longer. According to Bloomberg ETF analyst Eric Balchunas<\/strong>;<\/p>\n

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$515 million in outflows occurred from GBTC<\/strong> on January 23. This means 13% of GBTC shares.<\/em><\/p>\n<\/blockquote>\n

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Once again the \u201cexperts\u201d told you the GBTC outflows had ended and once again they were wrong. #Bitcoin<\/a><\/p>\n

— Magoo PhD (@HodlMagoo) January 23, 2024<\/a><\/p><\/blockquote>\n