Analysts from the crypto exchange Bitfinex evaluated the latest situation regarding spot Bitcoin exchange-traded funds (ETFs).
Last week, data showing exits from spot Bitcoin ETFs led to a decline in the crypto market. Grayscale’s GBTC fund was at the forefront of these exits.
However, spot Bitcoin ETFs made a positive start to this week, managing to bring new momentum to the market’s uptrend.
In a statement about the situation, Bitfinex analysts said the perception of “significant exits from spot Bitcoin ETFs” last week was incorrect, as these exits were limited to GBTC and the money flow continued healthily.
The analysts attributed this selling pressure on GBTC to high transaction fees and profit-taking investors:
Furthermore, we do not view the entry status into spot Bitcoin ETFs as a concerning reason. Although negative ETF exits were heavily highlighted last week, all of these came from the Grayscale Bitcoin Trust (GBTC). This is because investors are both giving up the high fees demanded by GBTC and taking profits.
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