"FTX's $1B Grayscale Bitcoin ETF Sale Sparks BTC Price Drop to $40.6K"

The poor price performance of Bitcoin since the launch of U.S.-based spot ETFs has been partly attributed to sizable sales of Bitcoin from the Grayscale Bitcoin Trust (GBTC). However, a report revealed that the bankruptcy estate for failed crypto exchange FTX sold its entire 22 million share holding of GBTC for nearly $1 billion, indicating that more than one-third of the selling of GBTC was due to one non-economic actor. This news suggests that there was nearly $1 billion more of fresh investment into the new spot ETFs than previously thought, providing a bullish outlook for Bitcoin despite its current lower price.