Grayscale’s CEO Forecasts Balance as Expected GBTC Outflows Diminish

Grayscale CEO suggests GBTC outflows may have stabilized after months of selling, potentially balancing selling pressure with purchasing interest in the market. The ETF has experienced significant withdrawals of over $15 billion in the past three months. This statement by CEO Michael Sonnenshein has sent shockwaves across the global cryptocurrency market, as reported by Reuters’ Inside ETFs. Since the launch of BTC ETFs approved by the US SEC, Grayscale has faced tough competition in the Bitcoin ETF industry. Sonnenshein’s comments have generated optimism among investors and traders, indicating a potential equilibrium in the GBTC market. Interestingly, BitMEX Research reveals that GBTC has witnessed massive withdrawals, with $15 billion leaving the trust in the past three months. Sonnenshein explains that certain withdrawals were related to the bankruptcy settlements of FTX and other failed cryptocurrency startups, while some investors sold GBTC to immediately purchase another Grayscale ETF.