China News Today Official TheBitTimes.com

Grayscale GBTC Trust conversion to an ETF will unlock a potential sale of up to $18 billion in Bitcoin. The introduction of a spot-based Bitcoin (BTC) exchange-traded fund (ETF) would make the asset more accessible to individual investors and mutual funds. What's more, unlike a futures-based Bitcoin ETF, a spot-based ETF involves actually buying BTC. So will the approval of the first Bitcoin ETF be a bullish event? Not necessarily. GBTC 'discount' remains in the double digits  Over the years, the U.S. Securities and Exchange Commission (SEC) has rejected every Bitcoin ETF applicant, and the latest denial was issued to VanEck Bitcoin Trust on March 10, 2023. The SEC concluded that the offer did not have a "comprehensive surveillance-sharing agreement with a regulated market of significant size related to spot Bitcoin." Regulators are hesitant to release what many believe would be a more equitable and transparent Bitcoin product.  Investors now question whether the...

On-chain data indicates that bitcoin (BTC) and ethereum (ETH) have observed negative exchange net flows in the past week, contrasting the positive net flow witnessed with tether (USDT).  Amid this trend, the bitcoin supply last active in the past ten years has hit an all-time high value. These metrics suggest a notable decrease in selling pressure across the market and a looming accumulation pattern. Glassnode, a renowned on-chain analytics resource, shared crucial insights into these trends in a series of tweets today, providing valuable information about investor sentiment and market dynamics. Weekly On-Chain Exchange Flow #Bitcoin $BTC ️ $6.5B in ️ $6.9B out Net flow: -$397.9M#Ethereum $ETH ️ $2.7B in ️ $3.8B out Net flow: -$1.1B#Tether (ERC20) $USDT ️ $7.6B in ️ $7.3B out Net flow: +$318.1Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) June 19, 2023 The data reveals that BTC saw a net outflow of $397.9 million during the past week. This indi...