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Bitcoin briefly fell below $63,000:
According to the latest data, the capital flows of US spot Bitcoin and Ethereum ETFs on September 23 are as follows:
Spot Bitcoin ETF:
GBTC (Grayscale Bitcoin Trust) had a net outflow of $40.3 million. BTC had a net inflow of $8.4 million. ARKB (Ark Bitcoin ETF) had no capital flows.
Spot Ethereum ETF:
ETHE (Grayscale Ethereum Trust) had a net outflow of $80.6 million. Neither ETH nor CETH had any inflows or outflows.
Although Bitcoin briefly fell below $63,000, ETF capital flows show that different capital parties have different operating strategies on Bitcoin and Ethereum, which may bring further volatility to the market.
#BTC☀ #etf以太坊 #gbtc #ARKB #ETH🔥🔥🔥🔥
According to the latest data, the capital flows of US spot Bitcoin and Ethereum ETFs on September 23 are as follows:
Spot Bitcoin ETF:
GBTC (Grayscale Bitcoin Trust) had a net outflow of $40.3 million. BTC had a net inflow of $8.4 million. ARKB (Ark Bitcoin ETF) had no capital flows.
Spot Ethereum ETF:
ETHE (Grayscale Ethereum Trust) had a net outflow of $80.6 million. Neither ETH nor CETH had any inflows or outflows.
Although Bitcoin briefly fell below $63,000, ETF capital flows show that different capital parties have different operating strategies on Bitcoin and Ethereum, which may bring further volatility to the market.
#BTC☀ #etf以太坊 #gbtc #ARKB #ETH🔥🔥🔥🔥
Bitcoin ETF Market Sees $1.4B Surge in Three Days, BlackRock's Leads the Charge
#Bitcoin❗ ETF Market Sees $1.4B Surge in Three Days, BlackRock's Leads the Charge
As the crypto market recovers, the #BitcoinETF💰💰💰 market is performing really well with the cumulative net inflow for the 11 #BitcoinETFs recording 459 million dollars on October 16. The cumulative net inflow over the past 193 days has hit $20 billion. Apart from the grayscale #gbtc , the total net cumulative inflow jumps to $40 billion. In the past three days of trading, the ETFs have brought in nearly 1.4 billion dollars. The biggest Bitcoin ETF in the market, BlackRock’s IBIT, has added 11,331 Bitcoin ETFs worth $762 million, which hits a total of 380,971 Bitcoins worth $25.7 billion. This accounts for almost 33% of all US spot $BTC
ETF holdings.
#MemeCoinTrending
As the crypto market recovers, the #BitcoinETF💰💰💰 market is performing really well with the cumulative net inflow for the 11 #BitcoinETFs recording 459 million dollars on October 16. The cumulative net inflow over the past 193 days has hit $20 billion. Apart from the grayscale #gbtc , the total net cumulative inflow jumps to $40 billion. In the past three days of trading, the ETFs have brought in nearly 1.4 billion dollars. The biggest Bitcoin ETF in the market, BlackRock’s IBIT, has added 11,331 Bitcoin ETFs worth $762 million, which hits a total of 380,971 Bitcoins worth $25.7 billion. This accounts for almost 33% of all US spot $BTC
ETF holdings.
#MemeCoinTrending
🏧 Buy Now 1inch
😂DISCLAIMER
please If you have a problem with making a lot of money then this community isn’t for you!
🎁Leave a comment for my secret 100x coin selection Strategy
Market Oder
Entry:0.2889
Leverage 25x
Cross margin
Take Profits
1) 0.2933
2) 0.2988
3) 0.3043
5) 0.3101
6) 0.3205
Stop loss
0.2817
#etf #Meme #fomo #gbtc $BNB $BTC $1INCH
😂DISCLAIMER
please If you have a problem with making a lot of money then this community isn’t for you!
🎁Leave a comment for my secret 100x coin selection Strategy
Market Oder
Entry:0.2889
Leverage 25x
Cross margin
Take Profits
1) 0.2933
2) 0.2988
3) 0.3043
5) 0.3101
6) 0.3205
Stop loss
0.2817
#etf #Meme #fomo #gbtc $BNB $BTC $1INCH
📈 US Bitcoin ETFs Experience Strong Inflows Led by #BlackRock
US Bitcoin ETFs have seen a five-day streak of positive inflows, totaling $246 million. Notably, BlackRock's iShares Bitcoin Trust (IBIT) stands out, pulling in $184 million on Wednesday alone. 🚀
Despite a tumultuous market, investor confidence in Bitcoin ETFs appears to be growing. While BlackRock dominates the scene, other funds like Bitwise’s #BitcoinETFs (BITB) managed to attract only $2 million, with significant outflows from Fidelity’s $BTC Fund ($33 million) and ARK Invest’s ETF ($47 million). 💰
👀 The shift in investor preferences suggests a move towards larger, more established funds, as seen with IBIT's substantial gains compared to the struggles of #grayscale ’s Bitcoin Trust (GBTC), which has lost over $20 billion since converting to an #ETF✅ .
#gbtc
US Bitcoin ETFs have seen a five-day streak of positive inflows, totaling $246 million. Notably, BlackRock's iShares Bitcoin Trust (IBIT) stands out, pulling in $184 million on Wednesday alone. 🚀
Despite a tumultuous market, investor confidence in Bitcoin ETFs appears to be growing. While BlackRock dominates the scene, other funds like Bitwise’s #BitcoinETFs (BITB) managed to attract only $2 million, with significant outflows from Fidelity’s $BTC Fund ($33 million) and ARK Invest’s ETF ($47 million). 💰
👀 The shift in investor preferences suggests a move towards larger, more established funds, as seen with IBIT's substantial gains compared to the struggles of #grayscale ’s Bitcoin Trust (GBTC), which has lost over $20 billion since converting to an #ETF✅ .
#gbtc
📊 As the spot #BitcoinETFs settle into more normal trading, #gbtc has lost #Dominance in volumes.
At the start, GBTC accounted for over half of the daily volumes across #ETFs but now accounts for ~30% and was trumped by $IBIT last week 🚀
At the start, GBTC accounted for over half of the daily volumes across #ETFs but now accounts for ~30% and was trumped by $IBIT last week 🚀
I guess Barry (#gbtc ) might ruin the setups. This is absurd at this point. So many setups have been ruined due to gbtc selling.
GBTC still has $BTC worth more than 22 billions 😳📉📉📉📉
GBTC still has $BTC worth more than 22 billions 😳📉📉📉📉
crypto_jogi
--
Took a small long position in $LDO looks good as it has taken the liquidity at the equal lows. Looking towards a re-test of 3.2-3.5 range if $BTC helps.
Manage your risk.
#BTC #LDOUSDT
Manage your risk.
#BTC #LDOUSDT
BNB: Native Binance Token
$BNB $BTC $ETH
With the beginning of Binance exchange in 2017, BNB token was issues as Initial Coin Offering.
Key Points:
👉 BNB was in the beginning an ethereum token but today it is native token of Binance Blockchain.
👉 Binance burns some tokens to keep a balance every quarter.
👉 BNB was a utility token for discounted trading but today it has varied applications.
#etf
#gbtc
#fomo
💥 follow and comment to get crypto box
$BNB $BTC $ETH
With the beginning of Binance exchange in 2017, BNB token was issues as Initial Coin Offering.
Key Points:
👉 BNB was in the beginning an ethereum token but today it is native token of Binance Blockchain.
👉 Binance burns some tokens to keep a balance every quarter.
👉 BNB was a utility token for discounted trading but today it has varied applications.
#etf
#gbtc
#fomo
💥 follow and comment to get crypto box
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Bitcoin spot ETFs had a total net outflow of $121 million yesterday, and the ETF net asset ratio reached 4.25%
Yesterday (April 24, Eastern Time), Bitcoin spot ETFs had a total net outflow of $121 million. Among them, Grayscale ETF GBTC had a single-day net outflow of $130 million, bringing GBTC's historical net outflow to $16.963 billion. Fidelity ETF FBTC became the Bitcoin spot ETF with the largest single-day net inflow yesterday, with a net inflow of $5.6069 million, and its historical total net inflow has reached $8.186 billion. Following closely behind is Ark Invest and 21Shares' ETF ARKB, which had a single-day net inflow of $4.1719 million yesterday. Currently, ARKB's historical total net inflow has reached $2.272 billion.
As of press time, the total net asset value of the Bitcoin spot ETF is US$53.65 billion, the ETF net asset ratio (the ratio of market value to the total market value of Bitcoin) is 4.25%, and the historical cumulative net inflow has reached US$12.295 billion.
Yesterday (April 24, Eastern Time), Bitcoin spot ETFs had a total net outflow of $121 million. Among them, Grayscale ETF GBTC had a single-day net outflow of $130 million, bringing GBTC's historical net outflow to $16.963 billion. Fidelity ETF FBTC became the Bitcoin spot ETF with the largest single-day net inflow yesterday, with a net inflow of $5.6069 million, and its historical total net inflow has reached $8.186 billion. Following closely behind is Ark Invest and 21Shares' ETF ARKB, which had a single-day net inflow of $4.1719 million yesterday. Currently, ARKB's historical total net inflow has reached $2.272 billion.
As of press time, the total net asset value of the Bitcoin spot ETF is US$53.65 billion, the ETF net asset ratio (the ratio of market value to the total market value of Bitcoin) is 4.25%, and the historical cumulative net inflow has reached US$12.295 billion.
It's Been Quite A Wild Ride In The Markets Recently.
Many Were Waiting For A Market Dip To Buy More Of Their Favourite #altcoins But Instead What Did We Get‼️
A Surprising 20-25% Pump In $BTC Over Past Three Days😀
This Unexpected Surge Definitely Changed The Entire Market Sentiment📍
But I Personally Will Not Ape Into Anything Just Yet🙏
Why? 👀
It's Still Entirely Possible For The Market To Turn Around & Touch The 25K Area One More Time💯
Either Way Aping Right Now Won't Guarantee You 100s Of Thousands Of Dollars Instantly
It's Best To Have Patience Before Jumping Into Investing Right Now👍
There Are Many Quality New Projects That Have Been Working Diligently During The Bear Market And Are Yet To Launch👀
So Stick To Your Plan & Continue Dollar Cost Averaging (DCA) Into Top Projects
Avoid #fomo In Something Mid-Way Just Because You Believe The Markets Are About To Take Off📈
And The Most Important👇
Keep Accumulating As Much Cash As You Can To Capitalise On Opportunities When They Come.🤑
Take It Easy, Stay Informed And Make Well Thought Out Decisions.🤝
$ETH $BNB
#BinanceSquare #etf #gbtc
Many Were Waiting For A Market Dip To Buy More Of Their Favourite #altcoins But Instead What Did We Get‼️
A Surprising 20-25% Pump In $BTC Over Past Three Days😀
This Unexpected Surge Definitely Changed The Entire Market Sentiment📍
But I Personally Will Not Ape Into Anything Just Yet🙏
Why? 👀
It's Still Entirely Possible For The Market To Turn Around & Touch The 25K Area One More Time💯
Either Way Aping Right Now Won't Guarantee You 100s Of Thousands Of Dollars Instantly
It's Best To Have Patience Before Jumping Into Investing Right Now👍
There Are Many Quality New Projects That Have Been Working Diligently During The Bear Market And Are Yet To Launch👀
So Stick To Your Plan & Continue Dollar Cost Averaging (DCA) Into Top Projects
Avoid #fomo In Something Mid-Way Just Because You Believe The Markets Are About To Take Off📈
And The Most Important👇
Keep Accumulating As Much Cash As You Can To Capitalise On Opportunities When They Come.🤑
Take It Easy, Stay Informed And Make Well Thought Out Decisions.🤝
$ETH $BNB
#BinanceSquare #etf #gbtc
#GRAYSCALE - the renowned #bitcoinetf giant has introduced the Dynamic Income Fund.
The Grayscale Dynamic Income Fund (GDIF) will hold assets of 9 blockchains: Aptos, Celestia, Coinbase Staked Ethereum, Cosmos, Near, Osmosis, Polkadot, SEI Network and Solana.
The primary objective of the #GDIF is to distribute rewards in US dollars on a quarterly basis. Grayscale aims to capitalize on the potential of crypto staking, a process where users can earn rewards by participating in network validation activities.
While the cryptocurrency market experiences record highs, Grayscale's flagship product, the #gbtc ETF, has faced significant outflows. Since its conversion to an ETF on January 11, 2024, GBTC has seen a 33% reduction in #BTC holdings, amounting to record outflows of $9.266 billion. Reasons include high fees, competition from cheaper alternatives, and the sale of stakes by bankrupt cryptocurrency companies.
The Grayscale Dynamic Income Fund (GDIF) will hold assets of 9 blockchains: Aptos, Celestia, Coinbase Staked Ethereum, Cosmos, Near, Osmosis, Polkadot, SEI Network and Solana.
The primary objective of the #GDIF is to distribute rewards in US dollars on a quarterly basis. Grayscale aims to capitalize on the potential of crypto staking, a process where users can earn rewards by participating in network validation activities.
While the cryptocurrency market experiences record highs, Grayscale's flagship product, the #gbtc ETF, has faced significant outflows. Since its conversion to an ETF on January 11, 2024, GBTC has seen a 33% reduction in #BTC holdings, amounting to record outflows of $9.266 billion. Reasons include high fees, competition from cheaper alternatives, and the sale of stakes by bankrupt cryptocurrency companies.
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[Breaking news] GBTC negative premium has shrunk to -8.6%, which is “the most likely indicator related to the probability of Bitcoin ETF approval”
- This is the lowest level on record in recent years and negative premiums have not been this close to zero since July 2021.
-Premium deduction at the end of last year was -50%
#gbtc #ARKB是BRC20一道靓丽的风景线美国sec批准的第一个比特币现货ETF， #etcs #etf #BRC20
$BTC $ETH $BNB
- This is the lowest level on record in recent years and negative premiums have not been this close to zero since July 2021.
-Premium deduction at the end of last year was -50%
#gbtc #ARKB是BRC20一道靓丽的风景线美国sec批准的第一个比特币现货ETF， #etcs #etf #BRC20
$BTC $ETH $BNB
Bitcoin on the Move: $209M Transfer from GBTC to Coin base Unravels Market Neutrality
$BTC
GBTC sending 4,017 Bitcoin to Coinbase premium ($209m).
Likely they are coming from Genesis selling the GBTC shares. I read that they have to rebuy Bitcoin and give to the customers, therefore it should be a neutral effect.
Obviously the Genesis/Gemini customers could sell the Bitcoin they receive but I think only a small portion will be sold.
#Write2Earn #BTC #gbtc #TrendingTopic
GBTC sending 4,017 Bitcoin to Coinbase premium ($209m).
Likely they are coming from Genesis selling the GBTC shares. I read that they have to rebuy Bitcoin and give to the customers, therefore it should be a neutral effect.
Obviously the Genesis/Gemini customers could sell the Bitcoin they receive but I think only a small portion will be sold.
#Write2Earn #BTC #gbtc #TrendingTopic
Morgan Stanley's $270 million investment in Bitcoin through Grayscale's GBTC trust signifies a notable shift in mainstream finance's acceptance of cryptocurrency. This move places the bank among the major holders of GBTC and aligns with a broader trend of institutional investors showing increasing interest in Bitcoin.
#Bitcoin2024 #gbtc #Garyscale #MemeWatch2024
#Bitcoin2024 #gbtc #Garyscale #MemeWatch2024
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Grayscale Bitcoin Trust (GBTC) has reduced its Bitcoin holdings by 50% since the launch of the Bitcoin spot ETF.
On April 16, The Block reported that the number of Bitcoins held by Grayscale's Bitcoin Trust (GBTC) has been halved in about three months since the launch of the spot Bitcoin ETF in the United States on January 11. Unlike the nine new ETFs launched by companies such as BlackRock and Fidelity, Grayscale's previous Bitcoin Trust did not start from scratch, but was converted into an ETF. At the beginning of Bitcoin spot trading, GBTC held about 619,220 Bitcoins.
According to information disclosed by GBTC on Monday, its Bitcoin holdings subsequently fell by about 50% to about 311,621, while the fees it charged were much higher than its competitors. For example, GBTC's fee is 1.5%, while BlackRock's IBIT currently charges a fee of 0.12%. However, given the simultaneous rise in Bitcoin prices since the launch of spot ETFs, GBTC's USD-denominated assets under management have fallen less, from $28.7 billion to $19.8 billion on January 11, a drop of 31%.
In terms of market share of Bitcoin holdings, BlackRock's IBIT and Fidelity's FBTC have been the main beneficiaries. Data shows that as of yesterday, GBTC's market share has fallen from 100% on the day of issuance to 37.3%. During this period, IBIT has gained 32.2% of the share, and FBTC ranks third with a share of 17.8%. It is reported that the total assets currently held by all US spot Bitcoin ETFs are close to 840,000 BTC, accounting for more than 4% of the total supply of 21 million Bitcoins. #etf #gbtc #FBTC #ibit #BTC、
On April 16, The Block reported that the number of Bitcoins held by Grayscale's Bitcoin Trust (GBTC) has been halved in about three months since the launch of the spot Bitcoin ETF in the United States on January 11. Unlike the nine new ETFs launched by companies such as BlackRock and Fidelity, Grayscale's previous Bitcoin Trust did not start from scratch, but was converted into an ETF. At the beginning of Bitcoin spot trading, GBTC held about 619,220 Bitcoins.
According to information disclosed by GBTC on Monday, its Bitcoin holdings subsequently fell by about 50% to about 311,621, while the fees it charged were much higher than its competitors. For example, GBTC's fee is 1.5%, while BlackRock's IBIT currently charges a fee of 0.12%. However, given the simultaneous rise in Bitcoin prices since the launch of spot ETFs, GBTC's USD-denominated assets under management have fallen less, from $28.7 billion to $19.8 billion on January 11, a drop of 31%.
In terms of market share of Bitcoin holdings, BlackRock's IBIT and Fidelity's FBTC have been the main beneficiaries. Data shows that as of yesterday, GBTC's market share has fallen from 100% on the day of issuance to 37.3%. During this period, IBIT has gained 32.2% of the share, and FBTC ranks third with a share of 17.8%. It is reported that the total assets currently held by all US spot Bitcoin ETFs are close to 840,000 BTC, accounting for more than 4% of the total supply of 21 million Bitcoins. #etf #gbtc #FBTC #ibit #BTC、
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📊 Summary of US Bitcoin Spot ETF Data on July 8
According to data, on July 8, Eastern Time, the total net inflow of US Bitcoin Spot ETF was US$295 million.
🔹 Grayscale ETF GBTC
Single-day net inflow: US$25.0753 million Historical net outflow: US$18.578 billion
🔹 BlackRock ETF IBIT
Single-day net inflow: US$187 million Historical total net inflow: US$17.926 billion
🔹 Fidelity ETF FBTC
Single-day net inflow: US$61.5378 million Historical total net inflow: US$9.422 billion
As of press time, the total net asset value of US Bitcoin Spot ETF is US$49.32 billion, and the ETF net asset ratio (market value to total Bitcoin market value) is 4.45%, and the historical cumulative net inflow has reached US$15.058 billion.
#BTC☀ #etf以太坊 #gbtc #ibit #FBTC $BTC $ETH $ETC
According to data, on July 8, Eastern Time, the total net inflow of US Bitcoin Spot ETF was US$295 million.
🔹 Grayscale ETF GBTC
Single-day net inflow: US$25.0753 million Historical net outflow: US$18.578 billion
🔹 BlackRock ETF IBIT
Single-day net inflow: US$187 million Historical total net inflow: US$17.926 billion
🔹 Fidelity ETF FBTC
Single-day net inflow: US$61.5378 million Historical total net inflow: US$9.422 billion
As of press time, the total net asset value of US Bitcoin Spot ETF is US$49.32 billion, and the ETF net asset ratio (market value to total Bitcoin market value) is 4.45%, and the historical cumulative net inflow has reached US$15.058 billion.
#BTC☀ #etf以太坊 #gbtc #ibit #FBTC $BTC $ETH $ETC
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After the U.S. stock market opens tonight, the ETF custody address will have a net inflow of about 476 BTC
On April 23, a total of eleven spot Bitcoin ETFs attracted a net inflow of $31.64 million. This means that after the U.S. stock market opens tonight, the ETF custody address will have a net inflow of about 476 Bitcoins.
The specific situation is as follows:
Outflow: Grayscale (GBTC), Invesco (BTCO), VanEck (HODL) outflowed about 1,039 Bitcoins (corresponding to an outflow of $69.09 million on April 23).
Inflow: The remaining eight ETFs inflowed about 1,515 Bitcoins (corresponding to an inflow of $100.73 million on April 23).
As of now, these eleven spot Bitcoin ETFs hold a total of 839,317 BTC (worth $55.78 billion). $BTC #gbtc #hodl #BTC
On April 23, a total of eleven spot Bitcoin ETFs attracted a net inflow of $31.64 million. This means that after the U.S. stock market opens tonight, the ETF custody address will have a net inflow of about 476 Bitcoins.
The specific situation is as follows:
Outflow: Grayscale (GBTC), Invesco (BTCO), VanEck (HODL) outflowed about 1,039 Bitcoins (corresponding to an outflow of $69.09 million on April 23).
Inflow: The remaining eight ETFs inflowed about 1,515 Bitcoins (corresponding to an inflow of $100.73 million on April 23).
As of now, these eleven spot Bitcoin ETFs hold a total of 839,317 BTC (worth $55.78 billion). $BTC #gbtc #hodl #BTC
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The decline of #Bitcoin continues: less than $40,000 seen – What is causing the hemorrhage? What about liquidations?
Looking at the overall picture, it was noted that the price of $BTC decreased by around 5% in the last 24 hours.
The situation is no different on the altcoin side, and many altcoins have seen declines at similar rates to Bitcoin.
The reason for this decline lies in the releases of Grayscale's $GBTC product and therefore the significant amount of sales of #BTC . In today's developments, it was revealed that the bankrupt FTX management has sold approximately $1 billion worth of BTC since GBTC became a spot ETF.
Grayscale's #gbtc now has 563,000 BTC after the sale, compared to 613,000 BTC before the spot ETF.
On the liquidation side, with the recent declines, a total of $65 million in liquidation has taken place in the cryptocurrency market in the last hour. Of these, $63 million was in long positions and $2 million was in short positions.
PS: Don't forget if you can give me a small tip to support me and encourage me to continue and thank you.
#BTCETFSPOT
Looking at the overall picture, it was noted that the price of $BTC decreased by around 5% in the last 24 hours.
The situation is no different on the altcoin side, and many altcoins have seen declines at similar rates to Bitcoin.
The reason for this decline lies in the releases of Grayscale's $GBTC product and therefore the significant amount of sales of #BTC . In today's developments, it was revealed that the bankrupt FTX management has sold approximately $1 billion worth of BTC since GBTC became a spot ETF.
Grayscale's #gbtc now has 563,000 BTC after the sale, compared to 613,000 BTC before the spot ETF.
On the liquidation side, with the recent declines, a total of $65 million in liquidation has taken place in the cryptocurrency market in the last hour. Of these, $63 million was in long positions and $2 million was in short positions.
PS: Don't forget if you can give me a small tip to support me and encourage me to continue and thank you.
#BTCETFSPOT
What Bitcoin's Rise and Genesis' $1.6 Billion GBTC Sale Mean? 🤔💰
This week, Bitcoin's price has reached heights reminiscent of the 2021 bull run, but a shadow of uncertainty looms over the crypto market. Genesis, a subsidiary of Digital Currency Group, recently gained approval to sell $1.6 billion in Grayscale Bitcoin Trust (GBTC) shares to repay creditors. Let's break down the situation.
Genesis, tied to the collapse of Three Arrows Capital, filed for bankruptcy a year ago, freezing customer withdrawals post-FTX's demise in 2022.
A U.S. bankruptcy judge granted Genesis permission to sell $1.6 billion in GBTC shares. Bloomberg's James Seyffart estimates at least $1.4 billion worth of GBTC shares have been sold.
Experts, including Seyffart, believe Bitcoin's price may not suffer significantly due to Genesis' sell-off. Bloomberg's ETF expert, Eric Balchunas, notes the resilience of Bitcoin ETFs, minimizing the risk of a major sell-off.
In January, the SEC approved 10 spot Bitcoin ETFs after a decade of denials. These ETFs showcase high liquidity and resilience, according to Arkham Intelligence’s CEO, Miguel Morel.
Julio Moreno, head of research at CryptoQuant, suggests that increased Bitcoin demand from ETFs could offset selling pressure. CryptoQuant data indicates relatively low unrealized profits for short-term Bitcoin holders, implying low selling pressure.
Despite concerns about Genesis' GBTC sale, experts remain cautiously optimistic. The strength of Bitcoin ETFs and market resilience are seen as mitigating factors, with the overall sentiment suggesting the market may absorb the selling pressure without a significant downturn. Stay tuned as the crypto landscape continues to evolve.
#JulioMoreno #CryptoQuant #gbtc #BTC #GRAYSCALE
This week, Bitcoin's price has reached heights reminiscent of the 2021 bull run, but a shadow of uncertainty looms over the crypto market. Genesis, a subsidiary of Digital Currency Group, recently gained approval to sell $1.6 billion in Grayscale Bitcoin Trust (GBTC) shares to repay creditors. Let's break down the situation.
Genesis, tied to the collapse of Three Arrows Capital, filed for bankruptcy a year ago, freezing customer withdrawals post-FTX's demise in 2022.
A U.S. bankruptcy judge granted Genesis permission to sell $1.6 billion in GBTC shares. Bloomberg's James Seyffart estimates at least $1.4 billion worth of GBTC shares have been sold.
Experts, including Seyffart, believe Bitcoin's price may not suffer significantly due to Genesis' sell-off. Bloomberg's ETF expert, Eric Balchunas, notes the resilience of Bitcoin ETFs, minimizing the risk of a major sell-off.
In January, the SEC approved 10 spot Bitcoin ETFs after a decade of denials. These ETFs showcase high liquidity and resilience, according to Arkham Intelligence’s CEO, Miguel Morel.
Julio Moreno, head of research at CryptoQuant, suggests that increased Bitcoin demand from ETFs could offset selling pressure. CryptoQuant data indicates relatively low unrealized profits for short-term Bitcoin holders, implying low selling pressure.
Despite concerns about Genesis' GBTC sale, experts remain cautiously optimistic. The strength of Bitcoin ETFs and market resilience are seen as mitigating factors, with the overall sentiment suggesting the market may absorb the selling pressure without a significant downturn. Stay tuned as the crypto landscape continues to evolve.
#JulioMoreno #CryptoQuant #gbtc #BTC #GRAYSCALE
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