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Grayscale Bitcoin Trust (GBTC) has been facing a wave of declines in recent weeks.According to Arkham Intelligence, this fire sale is likely related to Genesis’ bankruptcy. Procedures to be carried out to resolve obligations with victims of the Gemini Earn program.
Arkham Intelligence noted that Genesis has redeemed more than 32,000 Bitcoin (BTC) in the past three weeks. what is estimated Approximately 2.1 billion dollars.Redeemed Bitcoins were sent to 2 people specific Bitcoin wallet.
Genesis GBTC redemption wallet now available in Arkham
Genesis Trading has redeemed more than 32,000 BTC ($2.1 billion) worth of GBTC shares in the past three weeks as part of its ongoing bankruptcy proceedings.
The redeemed BTC is sent to two specific Bitcoin wallets and is currently labeled Arkham. pic.twitter.com/Ix1BsvzSs1
— Arkham (@ArkhamIntel) April 5, 2024
The liquidation follows a settlement between Genesis and Gemini Trust, that is As a result, approximately $2 billion was returned to approximately 232,000 Gemini customers. These assets were frozen by Genesis at the end of 2022.
GBTC has experienced record outflows in the past few weeks, reaching $642 million in March. 18, According to data from BitMEX Research. This trend continued unabated until April 3, when GBTC recorded an outflow of approximately $75 million.
[1/4] Bitcoin ETF Flow – April 2024
All data flowing in.Net inflows were $113.5 million. pic.twitter.com/jwE1QJmVdj
— BitMEX Research (@BitMEXResearch) April 4, 2024
A potential sale of GBTC holdings could be a major factor in the recent share price decline. Bitcoin price correction, According to CoinGecko data, it fell below $67,000 and the correction was extended until the end of March.
This news highlights the potential role of Spot Bitcoin ETFs in recent market movements. When large amounts of money flow into these ETFs, it coincides with a spike in stock prices. bitcoin price and the broader altcoin market. Conversely, if a large amount of spill occurs, put downward pressure on weakening the growth momentum of Bitcoin and the overall cryptocurrency market.
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