Could Grayscale Fees and FTX Liquidation Be Behind BTC’s Drop?
On January 12, the price of BTC sharply declined, falling below the $44,000 threshold and later reaching about $41,500.
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On January 12, the price of BTC sharply declined, falling below the $44,000 threshold and later reaching about $41,500.
Anthony Scaramucci, the founder of SkyBridge Capital, attributes the recent decline in BTC price partly to the selling off of GBTC shares. He noted that holders of these shares are looking to move to lower-fee alternatives.
Bloomberg's analyst James Seyffart has indicated that GBTC experienced outflows totaling $484 million.
Another factor, according to Scaramucci, is the sell-off of assets by the bankrupt exchange FTX, which occurred during a period of relatively high prices for cryptocurrencies. He predicts that the supply overhang (selling pressure) will likely occur within the next 6-8 trading days.
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