The SEC decision on Bitcoin ETFs on January 10, 2024, took the crypto world by storm, sending ripples of excitement across the financial world. While the Bitcoin ETF market started with a bang—Bitcoin soaring past $48,000 on day 1 of trading—investor sentiment post BTC ETF has been largely bearish afterward.
This market downturn coincides with Grayscale Bitcoin Trust’s (GBTC) massive outflows. The newly created spot Bitcoin ETF saw a staggering $2.2 billion in outflows last week, according to recently released CoinShares reports.
This figure greatly outweighed all spot Bitcoin ETF gains. While this is a bit disconcerting, GBTC’s outflows have begun to subside, with the price of Bitcoin rising amid declining bearish pressure.
At the same time, InQubeta (QUBE), a new ICO, appears primed for massive growth. This emerging crypto has been in the spotlight—for the right reasons—and is now positioned as one of the best cryptos to buy now.
InQubeta (QUBE): Aiming for 40x Growth After Launch
InQubeta (QUBE) is among the new ICOs on the market—and perhaps the most promising. It boasts strong fundamentals, situated at the juncture of AI and blockchain. Further, token features like governance, staking, and deflationary tokenomics make it even more appealing to investors.
The above explains the overwhelming participation in its ongoing presale—over $8.6 million raised in early funding. The ICO is currently in its seventh stage, and a token costs only $0.0224. According to experts’ predictions, it will soar past 40x after launch, positioning it as the best new crypto to invest in.
In addition, the problem it aims to solve makes it stand out even more. It is being designed to address key issues within the fast-rising AI market, like fundraising and accessibility. To this end, it will build the first-ever crypto-based crowdfunding platform for AI tech startups.
To source capital, startups will first mint investment opportunities, which will be represented as equity-based NFTs. These will be offered to investors on the NFT marketplace, but first, they will be divided into bits. This will allow investors to own stakes in lucrative AI ventures, irrespective of their income. To become an early adopter of this innovative concept, click the link below.
GBTC: Massive Outflows Outweigh All Bitcoin ETFs Gain in the Previous Week
Following the SEC approval of all 11 spot Bitcoin ETFs in the US, investing in BTC ETFs has emerged as a new investment trend. Among the asset managers issuing this shiny investment product, Grayscale is at the forefront, albeit for mixed reasons.
For starters, Grayscale has the largest Bitcoin holdings among all the asset managers offering spot BTC ETFs. On the flip side, it has seen the most outflows, to the extent that it competes with all spot Bitcoin ETF gains.
According to a recently released report by CoinShares, GBTC saw a whopping $2.2 billion in outflows just last week, surpassing the market’s gains. Meanwhile, since January 11—when the market launched—outflows from GBTC have totaled $5 billion, reads the report.
One of the biggest contributing factors to Grayscale’s GBTC outflow is FTX—the bankrupt crypto exchange—dumping its shares. FTX was one of the biggest holders of GBTC, and upon its rebranding to a spot Bitcoin ETF, it dumped its shares to zero, worth an estimated $2 billion.
Nevertheless, the GBTC selling pressure has started to subside. This has also resulted in a rise in the price of Bitcoin, which dipped as low as $38,000 during the heat of the market downturn.
With momentum growing, BTC is positioned as one of the best cryptos to invest in. To catch its rising bullish wave, you can grab some BTC and add it to your portfolio now.
Conclusion
According to a recently released report by CoinShares, GBTC’s outflows the previous week outweighed all spot Bitcoin ETF gains within the same time frame. Meanwhile, InQubeta, a top ICO, has emerged as a project to watch out for. It is primed to skyrocket after launch, and you can become an early holder through the link below.
Visit InQubeta Presale
Join The InQubeta Communities
Source: https://bitcoinworld.co.in/gbtcs-2-2-billion-outflows-outweigh-all-spot-bitcoin-etf-gains-last-week-coinshares-inqubeta-qube-primed-for-massive-growth/