KEY POINTS
- Grayscale's GBTC led Monday's outflows, shedding over $90 million
- Bitcoin whales also moved their holdings across wallets, and 1 whale dumped nearly $100M
- Samson Mow warned that sellers during the downturn will experience regret within a year
- Joe Burnett said Bitcoin's volatility is due to humans being volatile
Seven out of 11 spot Bitcoin exchange-traded funds (ETFs) shed millions more Monday as the world's top digital asset by market capitalization slumped to $60,000. Sell-offs have also been rampant since the weekend, but a BTC maximalist warned sellers will regret their move within a year.
Data from British investment management company Farside Investors showed that the majority of U.S. spot BTC ETFs saw millions in outflows Monday, led by Grayscale's GBTC, which saw over $90 million in outflows.
Fidelity's FBTC bled $35.2 million, Franklin Templeton's EZBC lost $20.9 million, and VanEck's HODL saw outflows of over $10 million. Three other funds shed figures below $10 million. Monday's collective net outflows hit $174.5 million.
The outflows were logged on the same day Bitcoin plummeted to $62,000. Some observers and analysts said they expect several more weeks before the digital asset reaches a "sufficiently boring" stage. After which, the coin could see a much-awaited spike.
Throughout Monday, several BTC whales who hold the largest number of Bitcoins in the world, moved their stashes across exchanges and different digital wallets, including one that dumped 1,634 BTC worth over $98.5 million to cryptocurrency exchange giant Binance. Two other whales moved over $200 million worth of Bitcoin collectively across wallets.
🚨 🚨 🚨 🚨 1,634 #BTC (98,596,269 USD) transferred from unknown wallet to #Binancehttps://t.co/gJcctUSAQg
— Whale Alert (@whale_alert) June 24, 2024
🚨 🚨 🚨 🚨 🚨 1,699 #BTC (104,454,840 USD) transferred from unknown wallet to unknown new wallethttps://t.co/ZmrGtUr4j1
— Whale Alert (@whale_alert) June 24, 2024
🚨 🚨 🚨 🚨 🚨 1,795 #BTC (109,818,591 USD) transferred from unknown wallet to unknown wallethttps://t.co/RZGYyZMHWn
— Whale Alert (@whale_alert) June 24, 2024
Sell-offs have been intense across the industry in recent days as soon as the world's first decentralized digital asset began plummeting from $65,000.
For Samson Mow, the former chief strategy officer of blockchain technology leader Blockstream and the architect of El Salvador's BTC bonds, Bitcoiners who are dumping their BTC at a time when the digital currency is on a downturn will regret their decision in the long run.
"Everyone selling Bitcoin now will regret it within a year," he wrote on X (formerly Twitter) late Monday. He went on to say that it won't just be small-time regret, but "'biggest mistake of my life' level regret" and "deathbed lamentation level regret."
He also rejected reports that there is dumping from the German government or defunct crypto titan Mt Gox. "Right now this Bitcoin dip is purely sentiment and fear driven, not from selling of large holdings," he argued. It is worth noting, though, that Mow is a maximalist, a term used in the crypto space to describe individuals or entities who hold on to their digital assets regardless of market sentiment.
A couple weeks ago, #bitcoin was over $70,000, but last night it moved back down to $60,000, a ~15% drop.
— Joe Burnett, MSBA (🔑)³ (@IIICapital) June 24, 2024
Here's why bitcoin’s volatility shouldn’t scare you. pic.twitter.com/bkfbwbGklD
Joe Burnett, a researcher at BTC financial services firm Unchained, had similar views as Mow regarding market sentiment affecting Bitcoin holders. He acknowledged that Bitcoin's "downside volatility" can make holders "very uncomfortable."
However, he pointed out that the digital asset's current volatility is not due to its inherent volatility and instead, "it's the humans that are volatile."
As of writing, Bitcoin was trading above $62,500.
