Ethereum falls below 3.2K, Grayscale GBTC sees net outflows again, CEO confirms fee reduction

The cryptocurrency market experienced consecutive declines on March 19th and 20th, with Bitcoin and Ethereum dropping below $62,000 and $3,200 respectively. Grayscale's GBTC saw net outflows again, but CEO Michael Sonneshein confirmed that ETF fees will gradually be reduced.

Mainstream Coins Continue to Fall, Altcoins' Decline Slowing Down

As of the deadline, Bitcoin and Ethereum are at $62,868 -5.15% and $3,209 -6.51%, respectively.

Solana (SOL) briefly reached $200 on the 18th but has since fallen to $173 -7.12%.

On the 19th, altcoins experienced the highest drop among the top 100 in market capitalization, but the decline has been slowing down today:

• Dogecoin (DOGE): -6.63%

• Shiba Inu (SHIB): -3.97%

• Pepe (PEPE): -7.54%

• dogwifhat (WIF): -4.13%

• FLOKI: -2.97%

• Bonk (BONK): -2.99%

• BOOK OF MEME (BOME): +23.54%

• SLERF: +30.6%

Bitcoin Falls Below 66K, Ethereum Below 3.5K, Altcoins BOME and SLERF Drop by 50% in a Single Day

Grayscale GBTC Sees Net Outflow Again

Farside data shows that following a net outflow of $642 million on March 18, Grayscale GBTC saw another outflow of $443 million on the 19th.

Fidelity reported a net inflow of $39 million, while complete data from issuers such as BlackRock is still pending.

Grayscale CEO: ETF Fees Will Gradually Decrease

Since the launch of the Bitcoin ETF, GBTC has seen a net outflow of $12 billion.

According to a report by CNBC, Grayscale CEO Michael Sonneshein confirmed that ETF fees will gradually decrease, stating:

I am pleased to announce that over time, as the market matures, the costs associated with GBTC will come down. We certainly expect there to be outflows as investors seek to profit from their portfolios, arbitrage the fund, or factors including investors closing out positions due to forced liquidations.