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Even with Grayscale’s GBTC losing more than 200,000 from its bitcoin

Bitcoin (BTC) reached a highly anticipated new all-time high above $69,000 on Tuesday only two months after the approval and launch of the ten spot bitcoin ETFs. The fast timeline has left people wondering: would the new high have happened so soon if the ETFs hadn’t

Bitcoin (BTC) reached a highly anticipated new all-time high above $69,000 on Tuesday only two months after the approval and launch of the ten spot bitcoin ETFs. The fast timeline has left people wondering: would the new high have happened so soon if the ETFs hadn’t launched?

No, according to Seth Ginns, managing partner and head of liquid investments at CoinFund. “The new all-time high would have happened without the ETFs, but we’ve likely accelerated this cycle with the ETF flows,” he said.

Even with Grayscale’s GBTC losing more than 200,000 from its bitcoin holdings since the ETF launches in January, the spot funds on a net basis have accumulated just shy of 163,000 tokens, according to data from BitMEX. BlackRock’s IBIT and Fidelity’s FBTC alone hold more than 196,000 bitcoins.

Bitcoin’s latest all-time high on Tuesday morning was accelerated by the launch of the spot bitcoin ETFs, experts said.

  • The cryptocurrency started its rally in earnest in the fall of 2023 as it became clearer that the funds would soon be approved.
  • Experts said that it would’ve reached a new all-time high nevertheless, but the ETFs have been an important tailwind.

Bitcoin (BTC) reached a highly anticipated new all-time high above $69,000 on Tuesday only two months after the approval and launch of the ten spot bitcoin ETFs. The fast timeline has left people wondering: would the new high have happened so soon if the ETFs hadn’t launched?

No, according to Seth Ginns, managing partner and head of liquid investments at CoinFund. “The new all-time high would have happened without the ETFs, but we’ve likely accelerated this cycle with the ETF flows,” he said.

Even with Grayscale’s GBTC losing more than 200,000 from its bitcoin holdings since the ETF launches in January, the spot funds on a net basis have accumulated just shy of 163,000 tokens, according to data from BitMEX. BlackRock’s IBIT and Fidelity’s FBTC alone hold more than 196,000 bitcoins.

FAQ: Buying Bitcoin Anonymously

What is the most anonymous way to buy Bitcoin?

The most anonymous way to buy Bitcoin is by using cash or a prepaid debit card at a Bitcoin ATM. Because there’s no third party involved—only the machine manufacturer and the user. Moreover, Bitcoin ATM verification processes are not overly strict; users only need to authenticate with any phone number to carry out transactions. However, Bitcoin ATMs are limited in number and availability across countries, with transaction fees ranging from 7% to 20%. 

The most anonymous way to buy Bitcoin is by using cash or a prepaid debit card at a Bitcoin ATM. Because there’s no third party involved—only the machine manufacturer and the user. Moreover, Bitcoin ATM verification processes are not overly strict; users only need to authenticate with any phone number to carry out transactions. However, Bitcoin ATMs are limited in number and availability across countries, with transaction fees ranging from 7% to 20%. 

The most anonymous way to buy Bitcoin is by using cash or a prepaid debit card at a Bitcoin ATM. Because there’s no third party involved—only the machine manufacturer and the user. Moreover, Bitcoin ATM verification processes are not overly strict; users only need to authenticate with any phone number to carry out transactions. However, Bitcoin ATMs are limited in number and availability across countries, with transaction fees ranging from 7% to 20%. 

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Global regulators are now clamping down on anonymous cryptocurrency purchases, so avoiding KYC processes is becoming more challenging. That said, there are still ways to buy and sell Bitcoin while keeping your identity hidden.
No, according to Seth Ginns, managing partner and head of liquid investments at CoinFund. “The new all-time high would have happened without the ETFs, but we’ve likely accelerated this cycle with the ETF flows,” he said.
No, according to Seth Ginns, managing partner and head of liquid investments at CoinFund. “