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The naive token of the cryptocurrency exchange FTX rose sharply amid news of the sale of GBTC shares . According to CoinMarketCap data, over the past 24 hours, the FTT token has risen by more than 10% to $2.83. Trading volumes for the coin skyrocketed by almost 270%, reaching $62.5 million. Source: CoinMarketCap You might also like: FTX saga: what happened to FTX and Sam Bankman-Fried in 2023 Usually, FTT reacts with a significant price change to FTX’s actions. This time, FTT probably reacted with growth to the news that FTX sold shares of the spot Bitcoin (BTC) ETF to Grayscale Investments for about $1 billion. According to available information, since the launch of the crypto investment fund in January 2024, the firm has sold 22.3 million GBTC. This sale is likely part of bankruptcy proceedings. The pressure on the rate of the first cryptocurrency may now presumably ease. Exchange sales also explain significant outflows from Grayscale. A similar situation occ...

Grayscale’s Michael Sonnenshein backed the longevity of his firm’s spot Bitcoin ETF as it saw over $2.2 billion in outflows less a week after approval. Holding north of $25 billion in assets under management, Grayscale’s Bitcoin Trust (GBTC) ETF is the biggest spot Bitcoin exchange-traded fund of 11 funds authorized by the United States Securities and Exchange Commission (SEC) on Jan. 10. Grayscale also boasts the highest fees of the lot at 1.5%, but this will not deter its future success, according to CEO Michael Sonnenshein. Commenting on Bitcoin (BTC) ETF fees at the annual World Economic Forum in Davos, Sonneshein said most of the 11 may not trade on markets in the long run.  Most of these funds from issuers, including BlackRock, Fidelity, and VanEck, charge fees between 0.2% to 0.4%. A few firms also offer zero fees for up to 12 months. The reason for this, Sonnenshein said, is because these funds are new and need to attract investors by slashing the cost. You might also...