Trump-Era White House Official Ties Grayscale Sell-Off, FTX Unloading To Bitcoin's Slipping Price Amid Spot ETF Launch
Portfolio Pulse from Mehab Qureshi
Anthony Scaramucci, founder of SkyBridge Capital and former White House Communications Director, attributed the recent decline in Bitcoin's price to a sell-off in Grayscale Bitcoin Trust (GBTC) shares and the liquidation by the bankruptcy estate of FTX. Despite the launch of Bitcoin ETFs in the U.S., which initially drove Bitcoin's price up, GBTC shares fell by 5.2% on Friday. Scaramucci expects the excess supply to level out soon and anticipates increased marketing activities for Bitcoin ETFs after the end of a 'quiet period' on Wall Street.
January 15, 2024 | 3:16 am
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Grayscale Bitcoin Trust (GBTC) shares experienced a sell-off, contributing to a 5.2% drop in share price on Friday, despite a surge in trading volume and the launch of Bitcoin ETFs.
The sell-off in GBTC shares is directly linked to the price action of the asset. With the recent conversion from a trust and the SEC's nod towards Bitcoin ETFs, investors may be liquidating GBTC holdings, leading to a short-term negative impact on its price.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100