Cryptocurrencies Plunge as $1.5B Grayscale Outflows Spark Selloff Fears
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Bitcoin, ethereum, and other major cryptocurrencies crashed to around $40,000 after JPMorgan warned of potential outflows from Grayscale's bitcoin trust.
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The bitcoin price has swung wildly since the approval of spot bitcoin ETFs, falling back toward $40,000.
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Fears mount that $1.5 billion could still exit Grayscale's GBTC fund via profit-taking in coming weeks.
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GBTC holders are taking profits and exiting bitcoin instead of shifting to cheaper spot ETFs.
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Despite volatility, crypto experts remain upbeat that spot ETFs will drive more retail participation and institutional adoption.