TL;DR
-
Looks like most folks are done selling out of the Grayscale BTC ETF shares (due to the fund’s high fees)! Grayscale’s daily outflows have dropped below $200M.
-
A new policy went into effect as of Monday (01/29), and asset management firms are already pouring money into advertising their Bitcoin ETFs (☝️ see header image).
Full Story
Hey, look at that! Two big pieces of positive Bitcoin news.
(We love to see it 🥲).
One story benefits Bitcoin’s fundamentals, while the other benefits its narrative.
First up, fundamentals:
You know how folks collectively sold ~$5B worth of Grayscale BTC ETF shares (due to the fund’s high fees), and dragged the BTC price down with it?
Good news — looks like most of ‘em are done selling! Grayscale’s daily outflows have dropped below $200M.
Next up, narrative:
Remember in December of last year when we were harping on about how Google was planning to allow crypto ads for the first time?
Well, the new policy went into effect as of Monday (01/29), and asset management firms are already pouring money into advertising their Bitcoin ETFs (☝️ see header image).
Is this going to have a direct impact on Bitcoin’s price?
The ads themselves might not. But the narrative certainly can if enough people follow this logic:
“Big asset firms are about to pour millions into Bitcoin ads” → “I think this will push the BTC price up” → “I’m going to buy BTC before it takes off”.
Nice!
