Home
News
Following the Bitcoin spot ETF’s approval, billions of dollars can be seen in the Bitcoin ecosystem. GBTC is considered one of the most prominent ETF providers, followed by BlackRock and others.
Grayscale bitcoin exchange-traded fund (ETF) is known globally for its dominance in the ETF category. For the past few days, a severe outflow of funds has been seen in the GBTC ecosystem.
On March 21, 2024, The Grayscale Bitcoin Trust (GBTC) had net outflows of $358.8 Million, which followed a massive week of outflow. According to data from Farside Investor, an outflow of $642 Million was observed on March 18.
There are 11 players in the ETF service-providing business; BlackRock is the most prominent name on the list.
James Seyffart states, “GBTC has now lost 42.3% of its shares since converting to an ETF.”
BlackRock and other companies are slowly increasing their inflow despite a bearish GTBC fund inflow. In the past 24 hours, the total volume of the Bitcoin ETF category has been $4.80 Billion, and the market capitalization has been $56.81 Billion.
Grayscale (GBTC) has 350,281 Bitcoin in holdings, BlackRock (IBIT) 242,816 Bitcoins, Fidelity 135,742, Ark/21 Shares 40,213, Bitwise 30,036, Van Eck 8,112, Valkyrie 6,531 and Invesco 5,049 including others.
Other Market News
An Estonian media outlet reported on March 21 that the nation’s government has enacted a bill requiring a legal requirement and licensing process for digital asset service providers.
As per Reuters, on March 21, 2024, the United Nations General Assembly unanimously adopted the first global resolution on artificial Intelligence to safeguard human rights, personal data, and other factors in the region.
During a Coinbase event on March 20, 2024, Patrick McHenry highlighted that the stablecoin bill is getting close to being ready for a House vote despite recent interruptions in Congress.
This indicates a bipartisan effort and an essential foundation in the legislative process for digital currency.
Market Price Update
The crypto market is tumbling constantly; it has shown significant bullish and bearish momentum in the past few months. Compared to 2021, the crypto market has experienced essential developments.
In the past 24 hours, the market capitalization slipped bare-handedly and lost more than 5%, and when writing, the market cap was $2.41 Trillion. Earlier this month, a strong momentum pulled the market cap above $2.50 Trillion.
Bitcoin (BTC) has yet to show any significant improvements in the intraday frame; it also lost 4.41% of its trading value.
Analysts claim that the investigation on the Ethereum foundation is the cause of decline. The ETH ETFs are yet to be approved. Ether spot ETF might get a regulatory green signal in May 2024.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
