Crptocurrency
Grayscale’s Bitcoin Trust (GBTC) Saw Lowest Outflow of $44.2M Since ETF Approval
- Withdrawals on Grayscale’s Bitcoin Trust (GBTC) have reached their lowest point since its conversion to an ETF in January, with daily outflow dropping to $44.2 million on February 23.
Despite ongoing outflows, Grayscale’s Bitcoin Trust (GBTC) appears to be bleeding slower.
Withdrawals have reached their lowest point since its conversion to an ETF in January, with daily amounts dropping to $44.2 million on February 23.
This slowdown comes after significant outflows earlier in the year.
By the end of January, GBTC had witnessed over $5.64 billion in withdrawals, including a single-day exit of $640 million.
So far in February, outflows have totaled around $1.8 billion, bringing the overall figure since inception to $7.4 billion.
See Also: Zcash Jumps 20% After Grayscale’s Privacy-Based ETF Move
However, these outflows seem to be favoring competing Bitcoin ETFs. BlackRock’s IBIT, for instance, has attracted over $6.6 billion in investments since its launch, followed by Fidelity’s FBTC with $4.7 billion.
The arrival of spot Bitcoin ETFs offered existing GBTC holders the option to convert and redeem their shares, which is seen as a key reason for the initial outflow surge.
Additionally, the lower fees of competing ETFs, some charging as little as 0.19% compared to GBTC’s 1.5%, have enticed investors to rebalance their portfolios.
The recent court approval for bankrupt crypto firm Genesis to sell $1.3 billion in GBTC shares to repay creditors adds another layer of complexity.
While the future trajectory of GBTC remains uncertain, the slowed outflow pace suggests a potential stabilization.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Crptocurrency
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Seoul, South Korea, November 21, 2024 – Prom, a scalable network based on Polygon SDK, today announced the launch of its mainnet, following an extensive testnet campaign that saw over 25,000,000 transactions and 2,000,000 unique wallets interacting with a chain. This milestone is a step forward in blockchain scalability, as Prom leverages zero-knowledge proof technology to deliver enhanced throughput, optimized transaction costs, and advanced security.
Prom’s solution addresses the most prevalent problems of modern networks by utilizing ZK-based architecture, which until now have not been widespread due to technical complexity. Its architecture ensures the needed speed, level of security, and seamless interaction with the chain, reducing friction for users and granting developers a flexible framework for building a diverse range of dApps.
“We’re thrilled to open a new chapter for Prom and streamline the expansion of our ecosystem by welcoming developers and users to interact with the chain,” said Iva Wisher, COO of Prom. “We’re committed to constant efficiency improvement, transmitting scalability and convenience of everyday on-chain actions, and we are looking forward to welcoming a wave of products built on our network.”
The Prom network was developed in collaboration with industry leaders such as Polygon, DWF Labs, Ankr, Goldsky, Automata, and Blockscout to ensure the highest standards of performance and security.
The native network token, $PROM, is powering the Prom network. Listed on Binance, HTX, KuCoin, Gate.io, Upbit, and AscendEx, $PROM is driving fast on-chain interactions, and serving as the governance token for the Prom DAO. Through this community-driven governance model, users are empowered to help shape the future of the Prom ecosystem while benefiting from a percentage of the total network fees.
The mainnet launch opens new doors for developers seeking a platform for building decentralized applications (dApps). With a grant-based support mechanism in place, developers can utilize Prom’s platform to be an ideal environment to easily build and deploy, unlocking greater product scalability and reducing the barriers to entry for development. For users, Prom’s technology ensures lower transaction fees, strong security, and enhanced decentralization.
About Prom
Established in 2019, Prom has rapidly grown with innovative products across GameFi, SocialFi, Influencer Marketing, DeFi, and more. Prom looks to address critical shortfalls in various markets, setting the standard for capturing a large share of the market, by introducing its own solution to effortlessly unite diverse product sectors.
Prom creates a competitive landscape for advancing blockchain adoption, enhancing network security, decentralization, and efficiency.
Media Contact
Max Kan
CMO
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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