FTX Sheds Nearly $1 Billion In Grayscale Bitcoin ETF: Is This The End Of The BTC Sell-Off Saga?
Summary
FTX sold its stake in Grayscale Bitcoin Trust (GBTC), liquidating 22 million shares worth nearly $1 billion, reducing its ownership to zero. GBTC transformed into a spot ETF, becoming the world's largest Bitcoin ETF with over $28.6 billion in assets. FTX's divestment coincides with a downturn in the Bitcoin market, partly attributed to Grayscale's sell-offs. Alistair Milne suggests FTX's sell-off conclusion may ease downward pressure on BTC. Meanwhile, the legal saga involving SBF's family continues, with his parents filing a motion to dismiss the adversary complaint against them from FTX's debtors, challenging allegations of breaches of fiduciary duties and fraudulent transfers.
