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Grayscale Bitcoin Trust ETF outflows exceed $21B in under 12 months

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Grayscale Bitcoin Trust (GBTC) has reported significant outflows as investors shift their focus toward newly launched spot Bitcoin ETFs. Announced on Nov. 21, the development highlights a shift in market dynamics, with spot ETFs emerging as a preferred choice for investors seeking direct exposure to Bitcoin. GBTC, once the leading Bitcoin investment vehicle, now faces increased competition in an evolving landscape.

The outflows come as spot Bitcoin ETFs, which provide direct price exposure, gain traction among institutional and retail investors. Unlike GBTC, which trades at a discount to its underlying Bitcoin holdings, spot ETFs offer more transparent pricing and enhanced liquidity. Analysts suggest that the growing availability of ETFs in the U.S. market has drawn investors away from GBTC, further pressuring its market position.

Grayscale has acknowledged the challenges, emphasizing its ongoing efforts to convert GBTC into a spot ETF. The company recently secured a legal victory against the U.S. Securities and Exchange Commission (SEC), advancing its case for regulatory approval. Despite the competition, Grayscale remains optimistic about the future of GBTC, citing its established track record and institutional relationships as key strengths.

The shift underscores the rapid evolution of Bitcoin investment products, driven by increasing demand for regulated and accessible options. As spot ETFs continue to gain momentum, the broader market could see enhanced adoption of Bitcoin by mainstream investors. However, Grayscale’s ability to adapt and secure ETF approval will be critical to maintaining its relevance in the growing field of Bitcoin financial products.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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