Kiarash Hossainpour highlighted an important development on the social network X. The assets of the Grayscale Bitcoin Trust (GBTC) have decreased from 621,000 BTC to just under 580,000 BTC since the launch of the Bitcoin spot ETF. It is likely that the fund will continue to sell off, given its higher annual commission of 1.5%, compared to competitors such as Bitwise (0.2%) and BlackRock (0.25%).
According to the expert, another indication of a sell-off in the future could be the distribution of assets from the infamous cryptocurrency exchange Mt.Gox. The exchange is obligated to return approximately 138,000 BTC to its creditors, which is equivalent to about $6 billion at current prices.
In addition, the completion of bankruptcy proceedings of Celsius and FTX is expected in the first half of 2024. This could result in the release of approximately 38,000 BTC worth $1.6 billion from Celsius and about 20,500 BTC worth $850 million from former investors of both crypto companies into the crypto spot market.
As of Monday afternoon, January 22, the price of Bitcoin stands at $40,630, experiencing a 4.5% decline on the weekly timeframe.
Earlier, Bloomberg stock analyst James Seyffart suggested that the US Securities and Exchange Commission (SEC) may allow options trading on spot Bitcoin ETFs by the end of February.