Bittime - Grayscale Bitcoin Trust (GBTC), the largest Bitcoin investment product, has finally received an inflow of new money from investors for the first time since its launch in January. This indicates that investor interest in GBTC is slowly returning.
According to Farside Investors, net investments coming into GBTC on Friday reached $63 million. Previously, GBTC experienced withdrawals of billions of dollars from investors for months.
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Previously, GBTC was the main choice for investors who wanted to invest in Bitcoin "safely" without needing to directly buy the crypto asset. However, the emergence of several other Bitcoin investment products that are easier to trade in January have become serious competitors to GBTC.
Also read: Bitcoin ETF and GBTC Trust Grayscale, What's the Difference?
Apart from that, investment costs in GBTC are also much higher than other products. As a result, investors are busy withdrawing their funds from GBTC. Total Bitcoin ownership at GBTC also dropped drastically from more than 600,000 Bitcoins to around 290,000 Bitcoins.
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Although Friday's inflow ended a series of withdrawals from GBTC, its position as the largest Bitcoin investment product is now being challenged. BlackRock's iShares Bitcoin Trust (IBIT), GBTC's new competitor, now has $16.9 billion in assets, a figure that is quite close to GBTC's $18.1 billion in assets.
Also read: How Much Bitcoin Does BlackRock Own?
About Grayscale Bitcoin Trust (GBTC)
Grayscale Bitcoin Trust (GBTC) is an investment product that makes Bitcoin ownership more accessible to individual and institutional investors.
In contrast to direct Bitcoin investment which requires investors to understand blockchain technology and crypto exchanges, GBTC offers a more familiar investment method, namely through share ownership.
GBTC was first launched in 2013, but at that time it was only available to institutional and accredited investors. Only in January 2020, GBTC was registered with the United States Securities and Exchange Commission (SEC) and became the first digital investment product to have that status.
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In January 2024, Grayscale finally received approval to operate GBTC as a spot Bitcoin ETF, along with ten other Bitcoin investment products.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
New Bitcoin Funding Gains Popularity Despite GBTC Losses
Bitcoin ETF: Grayscale GBTC Outflows Slow, Dominated by FBTC Inflows
BlackRock is ready to shift GBTC's dominance in Bitcoin investment, this is what experts say!
BTC Drops: Bitcoin Falls Below $39,000 USD Impact of GBTC Selling
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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