Anticipated Reduction of GBTC Outflows Brings Equilibrium, According to Grayscale’s CEO

Grayscale CEO suggests GBTC outflows may have stabilized after months of selling, easing concerns about massive withdrawals of over $15 billion in the last three months. Michael Sonnenshein’s remarks on Bitcoin ETFs caused shockwaves in the cryptocurrency market worldwide, according to Reuters Inside ETFs. Grayscale has faced tough competition in the ever-changing ETF industry since the US SEC cleared BTC ETFs. Investors and traders are optimistic as the CEO hints at a potential balance between outflows and purchasing interest, bringing some equilibrium to the market. Sonnenshein also revealed that some withdrawals were related to bankruptcy settlements of FTX and other failed crypto startups, while others sold GBTC to immediately buy another Grayscale ETF. In other news, an analyst predicts a bullish wave for Ripple (XRP), with a potential surge above $4.