According to SkyBridge Capital founder Anthony Scaramucci, the decline in Bitcoin price is partly due to investors This is due to its exit from Grayscale Bitcoin Trust (GBTC).
Speaking to Bloomberg, Scaramucci said: “Looks like there’s a lot of selling from Grayscale.” said.
Grayscale launched GBTC with the approval of the Securities and Exchange Commission (SEC). exchange traded fund (ETF) transformed. According to Scaramucci, many investors pay management fees ETFs with lower To make the switch, GBTC began selling its shares.
Grayscale’s research manager Zach Pandl said that switching from one Bitcoin-related investment product to another will not affect the Bitcoin price.
Scaramucci on approval of ETFs Bankrupt crypto exchange FTX also started to take action told. hedge fund manager, “Large amounts of Bitcoin are currently being sold. “I expect this excess supply to end in the next six to eight trading days.” he commented.
Still in management of FTX, which filed for bankruptcy in 2022 large amounts of cryptocurrency and reconstruction efforts continue.
Scaramucci also “Finally, this period has been quiet on Wall Street. “Wall Street has not been able to market these ETFs, which will begin in about eight days.” said.