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Since the Grayscale Bitcoin Trust (GBTC) entered the market as a spot bitcoin investment fund (ETF) just over two weeks ago, the digital currency has seen a 10% depreciation.
The drop in BTC was due, among other factors, to the fact that GBTC has sold more than 120,000 bitcoins due to the continuous outflows it has recorded. This represents more than $5 billion (USD), as indicated by data firm BitMEX Research.
Likewise, the depreciation of bitcoin caused the price of GBTC to fall. Nonetheless, it is distinguished that the performance of the spot ETF since its entry into the market has been better than that of the digital currency.