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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...

According to a Jan. 10 blog post by Wu Blockchain, spot trading volume on major crypto exchanges increased by 27.4% month-on-month. The top three by percentage change were Gate with 65%, Crypto.com with 50%, and Bybit with 44%. The three that fell the most were BitMart by 24%, Bitget by 12%, and Upbit by 1%. Website traffic saw a 21% increase compared to the previous month. The top three by percentage change were Mexc with 45%, Bybit with 38%, and Gate with 34%. The bottom three were Huobi, which fell by 80%; BitMart, which decreased by 17%; and Bitget, which saw an 8% decline. December was a month of significant growth for the largest crypto ex change s. In November 2023, traffic on cryptocurrency ex change s grew by 8.5% compared to the previous month, and spot trading volume s grew by more than 60% during the same period. The top three regarding volume included Binance, South Korean Upbit, and OKX. In percentage terms, trading volumes increased the most on KuCoin, which mor...

Bitcoin (BTC) has undergone a price correction, falling below the $26,000 level on the heels of the U.S. Securities and Exchange Commission’s (SEC) delay in deciding whether to approve applications for spot Bitcoin ETFs. BREAKING: SEC delays decision on WisdomTree, Valkyrie, and Invesco's spot #Bitcoin ETF applications. pic.twitter.com/oJg4xdjThx — Bitcoin Magazine (@BitcoinMagazine) August 31, 2023 The correction came follow ing mid-week gains driven by positive regulatory news, which caused BTC to experience a remarkable 8% surge, hitting over $28,000 on Aug. 29. However, the coin failed to break through the significant resistance point of $30,000. SEC delay cools down the market The initial increase followed a federal appeals court’s decision directing the SEC to rethink its denial of Grayscale Investments’ request to convert its GBTC into an Exchange-Traded Fund (ETF).  Aligning with recent trends, Bitcoin quickly gave back a significant portion of th...