Grayscale Bitcoin Trust has reportedly transferred around 4,000 BTC, equivalent to $183 million, to Coinbase Prime deposit addresses. This move comes amid the Securities and Exchange Commission’s (SEC) recent approval of several spot Bitcoin exchange-traded funds (ETFs). Grayscale’s spot Bitcoin ETF, known for its relatively high fee structure of 1.5%, might be experiencing a shift in investor behavior as they explore alternatives with more competitive fees offered by ETFs from companies like BlackRock, VanEck, ARK 21Shares, and Bitwise, ranging from 0.2% to 1.5%.
The Bitcoin market itself has been witnessing notable changes in response to the SEC’s approval of various Bitcoin spot ETFs. Bitcoin’s price surged to approximately $49,000 before experiencing a 5.5% drop within a single day, settling around $43,500. Analysts suggest that this price volatility could be attributed to various factors, including market reactions to the new ETFs and the potential for a supply shock resulting from major transactions, such as Grayscale’s movement of funds.
The approval of spot Bitcoin ETFs by the SEC has introduced a new dynamic to the market, leading to adjustments and fluctuations in Bitcoin’s value as investors navigate the evolving landscape of cryptocurrency investment options.
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