TL; DR
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It seems like most people are done selling the Grayscale BTC ETF shares (due to the high costs of the fund)! Grayscale’s daily outflows have fallen below $200 million.
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A new policy has been in effect since Monday (29/01) and asset managers are already investing money in advertising their Bitcoin ETFs (☝️ see header image).
Full story
Hey, look at that! Two big pieces of positive Bitcoin news.
(We’d love to see it????).
One story benefits Bitcoin’s fundamentals, while the other benefits its story.
First the basics:
You know how people collectively sold about $5 billion worth of Grayscale BTC ETF shares (due to the fund’s high fees) and dragged the BTC price down?
Good news: it looks like most of them are done selling! Grayscale’s daily outflows have fallen below $200 million.
Then the story:
Remember last December when we were harping on about how Google was planning to allow crypto ads for the first time?
Well, the new policy has been in effect since Monday (29/01) and asset managers are already putting money into advertising their Bitcoin ETFs (☝️ see header image).
Will this have a direct impact on the price of Bitcoin?
The ads themselves might not. But the story certainly can be if enough people follow this logic:
“Major Asset Companies Are About To Pour Millions Into Bitcoin Ads” → “I Think This Will Boost BTC Price” → “I’m Going To Buy BTC Before It Takes Off.”
Nice!