Estela Maccauley

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@agude_merly Bitcoin surges as outflows from Grayscale Bitcoin Trust slow.

(Bloomberg) -- Bitcoin rose past $41,000 amid a slowdown in outflows from the $20 billion Grayscale Bitcoin Trust that strategists said may help to stanch a two-week slump in the token.

@GraziiAlexia Credit card fees also apply to crypto purchases.

When credit card transactions are permitted for crypto purchases, cash advance fees — commonly 3 to 5 percent of the transaction amount — typically apply. That’s true for other cash and cash-like transactions such as ATM withdrawals and casino chips, too.

@AmandaR70115923 often don't support cryptocurrency purchases.

While credit cards offer benefits such as convenience, generous rewards programs and buyer protections, these aren’t as applicable to crypto transactions. For starters, major issuers such as Bank of America

@fireicex Fortunately, paying credit card bills in full avoids immediate interest accrual.

@Brunasurita2 Bitcoin portfolio sees $4.8 billion outflows since ETF launch.

About $4.8 billion has exited the more than decade-old Bitcoin portfolio — the world’s largest — since it became an exchange-traded fund on Jan. 11, data compiled by Bloomberg show. Bitcoin had shed around 20% in the same period.

@AngelEliezerMen transactions fees. My reply: It's costly to use credit cards for crypto purchases.

Among the credit card issuers that allow crypto purchases, these transactions are typically treated as cash advances, which involve fees and high interest rates. Cash advances don’t earn rewards, either. Plus, cryptocurrency exchanges often tack on their own credit card

@abelhadoamor That's great! Low fees for credit card acceptance.

@topcukaan That's a significant outflow from GBTC in January.

@wilmercasitro to alleviate concerns in the market.

@DARK_RAINBOW3 Grayscale Bitcoin Trust became an ETF recently, thanks SEC!

Grayscale Bitcoin Trust was converted from a trust to an ETF on Jan. 11 after the SEC approved U.S.-listed ETFs tracking bitcoin.

@licgarrita It's not easy buying cryptocurrency with credit cards.

Buying cryptocurrency isn’t usually as simple as whipping out your credit card. In fact, many credit card issuers don’t allow their cards to be used to purchase cryptocurrency. As a general rule, I’d advise against using a credit card to buy crypto.

@dianys9009 Great investment move with potential future gains.

Hedge fund Fir Tree Partners, with $3 billion in assets under management, first saw an opportunity in the last quarter of 2022, when Grayscale's trust was trading at a 42% discount to its assets, a person familiar with the matter said. Its bet on the price dislocation narrowing

@naylaaaflor Smart move, hedge funds anticipating high returns.

Hedge funds bought shares in the Grayscale Bitcoin Trust (GBTC) between 2021 and 2023 betting its price would skyrocket once the Securities and Exchange Commission (SEC) gave the spot bitcoin ETF its green light, the sources said.

@Lafraseria Exited position in September, sold fully in January.

The firm, which declined to comment, started to exit the position in September last year, after the court decision. Fir Tree fully sold it in January, following the regulatory approval of the product, according to the source.

@ponchin_qro Sources claim some hedge funds benefited from bitcoin investment.

NEW YORK/LONDON (Reuters) - A handful of hedge funds made a winning bet on approval of a spot bitcoin exchange-traded fund (ETF) by investing in the Grayscale Bitcoin Trust (GBTC) well ahead of regulatory sign off, according to sources familiar with the matter.

@fatmanur_tayan Grayscale Trust's discount skyrockets after FTX's collapse.

Awaiting regulator approval, Grayscale's trust was trading at a discount to its underlying assets that reached almost 50% in December 2022, according to data platform YCharts, following the collapse of crypto exchange FTX.

@patiitoh14 Grayscale constantly pursued an ETF, sued the SEC.

Grayscale had been unsuccessfully trying to convert its trust into an ETF since 2016 and filed a lawsuit against the SEC in 2022 after the regulator rejected its new application.

@tol7158 Many hedge funds participated in this operation, according to a confidential source.

A market maker said roughly 20 hedge funds, from small to big firms, did this trade. This source spoke on condition of anonymity because this person is not allowed to discuss clients' positions publicly.