FTX Sold About $1B of Grayscale's Bitcoin ETF, Explaining Much of Outflow: Sources
Summary
Investors sold over $2 billion of Grayscale Bitcoin Trust (GBTC) after its conversion to an ETF. FTX's bankruptcy estate sold 22 million shares, worth close to $1 billion. Bitcoin's price fell after SEC approved new bitcoin ETFs. FTX capitalized on price disparity between GBTC shares and underlying bitcoin value. Galaxy Digital and Marex declined to comment on the matter.
