Key Points
- Bankrupt cryptocurrency exchange FTX sold nearly $1 billion worth of shares in Grayscale bitcoin fund since it converted to a spot ETF, according to CoinDesk, which cited anonymous sources.
- Grayscale’s spot bitcoin ETF has led all others in trading volume, with $2.8 billion worth of outflows.
CryptoCaster Quick Check:
Since Grayscale’s GTBC fund started trading as a spot bitcoin ETF recently, the defunct cryptocurrency exchange FTX has sold shares worth close to $1 billion, according to CoinDesk, which cited “private data” and anonymous sources.
The spot bitcoin ETF offered by Grayscale has outperformed other funds in terms of trading volume, largely due to withdrawals. According to Yahoo Finance data compiled by The Block, as of Friday, Grayscale’s fund had represented roughly 54% of trading volume since the new crypto-based ETFs started trading earlier this month.
Grayscale’s fund has lost $2.8 billion since trading started, according to data released over the weekend by Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.
Stay in the know on crypto by frequently visiting Crypto News Today
As part of the ongoing bankruptcy proceedings for the defunct cryptocurrency exchange, Grayscale, FTX is selling off shares of its ETF, according to CoinDesk. Additionally, the bankruptcy estate stated in its report that FTX sold all 22 million of its shares.
FTX Creditors Aim to Recover Assets
A Delaware bankruptcy court allowed FTX Trading and related debtors to begin selling their Grayscale shares at the end of November. At the time, FTX was worth $597 million, holding roughly 22 million shares of Grayscale’s flagship bitcoin fund.
In November 2022, FTX declared bankruptcy. Through the sale of assets like the Grayscale shares, the exchange’s creditors—among them, individual clients—hope to recover losses.
As of 10:58 a.m. ET, the price of bitcoin has dropped from approximately $49,000, when the spot bitcoin ETFs started trading, to less than $41,000.
If this article brought you clarity, insight, or value—support the work that made it possible.
At CryptoCaster, we report on Web3, crypto markets, and institutional finance with no billionaire owners, no shareholders, and no hidden agenda. While mainstream media bends toward Elon Musk, BlackRock, and JPMorgan narratives, we stay focused on what matters: truth, transparency, and the public interest.
We don’t just cover the headlines—we investigate the power structures behind them. From FTX and Ripple to the quiet push for CBDCs, we bring fearless reporting that isn’t filtered by corporate interests.
CryptoCaster is 100% paywall-free. Always has been. To keep it that way, we depend on readers like you.
If you believe independent crypto journalism matters, please contribute—starting at just $1 in Bitcoin or Ether. Wallet addresses are below.
Your support keeps us free, bold, and accountable to no one but you.
Thank you,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
