Get the latest tech news

Everyone wants to buy and sell bitcoin after the SEC made it easier

Bitcoin's value has dropped by 15% as some investors have taken advantage of the much-heralded introduction of bitcoin exchange-traded funds.

Since Grayscale’s bitcoin fund was converted to an ETF earlier this month, a sizable portion of withdrawals have been ascribed to the FTX bankruptcy estate, according to Coindesk. This sum is part of a more significant wave of GBTC withdrawals that have sold nearly $2 billion worth of shares since the investment vehicle was converted to an exchange-traded fund this month. Many had predicted that the approval of the ETFs would drive up the bitcoin price, but this may not be the case since the token’s value has dropped along with those of GBTC shares, falling 13.69% and 12.68%, respectively.

Get the Android app