Grayscale CEO Michael Sonnenshein predicted that outflows from the Grayscale Bitcoin exchange-traded fund (GBTC) will stabilize and reach an equilibrium.
Grayscale has been facing stiff competition in the spot Bitcoin exchange-traded fund (ETF) market since January, when the U.S. Securities and Exchange Commission (SEC) approved the product.
Grayscale CEO Sees Outflows Reducing
According to Sonnenshein, in a recent Reuters podcast, some of Grayscale’s outflows were due to selling linked to the bankruptcy settlements of FTX and other defunct crypto companies. Additionally, some investors sold Grayscale ETF shares to purchase other spot Bitcoin ETFs.
However, Sonnenshein mentioned that selling related to bankrupt crypto companies like FTX is “largely behind us.” Numerous such entities that filed for bankruptcy in 2022 and 2023 had shares of Grayscale’s former trust on their balance sheets and sought to sell them after the product transitioned to an ETF to repay creditors. Yet, th
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