Bitcoin spot ETFs closed yesterday in the US with a loss of $261 million. ETFs thus closed negative for 3 consecutive days. The biggest reason why ETFs closed in the negative was, as always, Grayscale sell-offs. The company sold $386 million yesterday.

Another company that closed the day in the negative was Invesco. There was a net outflow of $10 million from Invesco. Although Grayscale and Invesco closed the day in the negative, other companies closed the day in green. BlackRock net $49 million, Fidelity net $23 million and Franklin Templeton net $19 million were the day’s top winners.

Grayscale is losing its power

Although Grayscale’s large sell-offs occasionally drop the cryptocurrency markets, the number of BTC in the company’s hands is decreasing day by day. The company, which had more than 500 thousand Bitcoins at the time ETFs were accepted, currently has around 367 thousand. This means that the firm’s impact on the market will decrease over time.

Powell’s speech was effective

Following the Fed’s decision to leave interest rates unchanged yesterday, Fed Chairman Powell’s speech also had a positive impact on the markets. In addition to Powell’s speech stating that interest rates are “most likely” now at the top, in dot charts, also known as dot-plots, Fed members maintained their expectations of 3 interest rate cuts for this year, raising the markets.

Bitcoin surpassed $67,000, ounce of gold $2200, ounce of silver $25.5. Crypto companies also benefited from the rally. Coinbase shares, which were traded at $230 yesterday, reached over $250. Shares of mining companies such as RIOT and Marathon also gained value.