FTX's $1B Sale of Grayscale's Bitcoin ETF Sparks Significant Outflows

FTX has sold nearly $1 billion worth of Grayscale Bitcoin Trust (GBTC) shares since its conversion into an exchange-traded fund (ETF), reducing its GBTC ownership to zero, while GBTC experienced outflows of over $2 billion. Grayscale's approval to convert its bitcoin trust into an ETF, making it the world's largest bitcoin ETF with over $28.6 billion in assets under management, marked a significant milestone for the cryptocurrency industry, as the U.S. Securities and Exchange Commission approved 11 spot bitcoin ETFs, signaling a shift towards mainstream acceptance.