Good morning Bitcoin: Grayscale continues to empty, this small country is fully committed to mining

Good morning! We have listed the latest news for you. Start the day with a bitcoin breakfast.

Grayscale’s Bitcoin ETF is seeing record outflows, but the company remains optimistic and is even rolling out new strategies. Grayscale’s Bitcoin ETF is experiencing significant outflows. Since transitioning from a closed-end fund to a Bitcoin ETF in January, it has seen a record $15 billion in outflows. Grayscale’s holdings have been reduced to 328,012 BTC, or $22.6 billion at current rates.

The fund loses an average of 5,092 BTC every day. If this continues, Grayscale’s bitcoin reserves will be depleted by July 8. However, the rate of outflows has slowed, with only $75 million in outflows recently. That points to a possible slowdown in the withdrawals.

The tiny Asian country of Bhutan plans to further ramp up its bitcoin mining plans. According to Bloomberg, the investment arm of Bitdeer Technologies Group and Bhutan are planning to expand.

Druk Holding & Investments has partnered with Bitdeer to triple its mining farms in the country. Bitdeer is a Nasdaq listed company.

Bitdeer Chief Business Officer Matt Linghui Kong told Bloomberg that the improvements will double the Himalayan kingdom’s computing power. Bhutan is currently said to have a total of 600 megawatts of capacity. The scaling up should all take place in the first half of 2025.

It was unknown for a long time that Bhutan was involved in bitcoin mining; until information suddenly emerged during FTX’s bankruptcy proceedings. Since then, it has publicly announced its current position several times (through partner companies).

Popular Dutch analyst Michaël van de Poppe notes that altcoins are currently having a hard time with the strong performance of bitcoin. Many altcoins are heavily in the red compared to bitcoin. “Altcoins are down 50 to 70 percent in their bitcoin trading pairs. That is an opportunity to position yourself well,” is Van de Poppe’s opinion.

According to the analyst, altcoins still have plenty of room to grow, despite the recent period of consolidation. “The market cap for altcoins saw a correction, which ultimately leads to opportunities to buy the dip,” the analyst said.