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The FTX exchange sold 22 million shares of GBTC, gaining about $1 billion

Market and Events: The FTX exchange sold 22 million shares of GBTC, gaining about $1 billion

According to a report from CoinDesk, bursting cryptocurrency exchange FTX has sold shares of its spot bitcoin fund ETF to #Grayscale Investments for an impressive $1 billion.

The move was part of the ongoing bankruptcy proceedings that FTX is facing. Since the crypto investment fund was launched in January 2024, the exchange has managed to sell a significant 22.3 million GBTC. This sale is believed to be a strategic move to address the financial problems that FTX has been facing.

Spot bitcoin fund Grayscale was the top outflow leader among crypto investment funds in its category. Bloomberg Intelligence senior ETF analyst Eric Balchunas reported that the product has seen losses of $2.8 billion since its launch. This highlights the inherent risks and volatility of the cryptocurrency market.

Interestingly, Grayscale CEO Michael Sonnenshein expressed skepticism about the long-term success of most approved spot bitcoin ETFs. According to Sonnenshein, only a small number of cryptocurrency funds, no more than three, will eventually survive in the market. This cautious outlook reflects the challenges and uncertainty surrounding the cryptocurrency industry.

Amid FTX's sale of #GBTC shares, the bitcoin market is experiencing increased volatility. On the night of January 23, 2024, the value of the leading cryptocurrency fell below the $40,000 level. This rapid drop in price has attracted the attention of both market participants and analysts.

It is worth noting that the fall in the value of the asset was previously predicted by #Arthur Hayes, co-founder of the #BitMEX exchange and a well-known crypto expert. Hayes foresaw a drop in the price of the first cryptocurrency closer to January 31, 2024, linking it to the upcoming release of the US Treasury's quarterly refinancing report. However, the forecast turned out to be accurate ahead of schedule.

Additionally, it is important to note that the #BlackRock ETF spot bitcoin fund has entered the discount zone, indicating a potential buying opportunity for investors.

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