GBTC redemptions have slowed, FTX bankrupt assets and sell-off by arbitrageurs are basically over

Bitget App

Trade smarter

Cointime2024/01/27 01:04

By:Cointime

On January 27th, in a report by Needham analyst John Todaro, Thursday was one of the days with the lowest net outflow of GBTC, and it was also the third consecutive day of decreasing outflow, which may indicate that redemptions have begun to slow down. Although it is difficult to quantify the subsequent selling amount of GBTC, it believes that the two biggest driving factors for GBTC selling (selling of bankruptcy funds and arbitrage funds by FTX) have been close to completion.

Previously reported by BlockBeats, Morgan Stanley strategist Nikolaos Panigirtzoglou expressed the same opinion on Thursday of this week, believing that the profit-taking of GBTC has basically ended, and the downward pressure on Bitcoin from this channel should have basically passed.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

Some expect a Solana ETF to be approved by the end of the year thanks to a pro-crypto Trump Administration.Defining if Solana will be classified as a commodity or security will play a major role in the ETF approval process.JPMorgan analysts projected that Solana ETFs could bring in between $2.7 billion and $5.2 billion, cumulatively, during their first months of trading.

The Block•2025/01/17 21:33