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Grayscale Dumps BTC Explained: Understanding short-term bearish but mid and long term bullish spot ETFs
Prior to the landmark approvals of the spot ETFs, Grayscale Bitcoin Trust (GBTC) was redeeming its shares by giving investors value against the US Dollar (USD). This means that they would not sell Bitcoin (BTC). With this, Grayscale ascended to become one of the largest BTC holders, besides the pseudonymous Satoshi. Following the approval of spot ETFs on January 10, and the subsequent trading beginning January 11, investors began to withdraw their money out of GBTC. Among the reasons why the investors are pulling their money include: The 1.5% discount that Grayscale is charging yearly as a management fee. This rate ... (full story)