Bitcoin ETFs Hit $10B in Trading Volume Within Days!

Grayscale stands as a key player in the Bitcoin ETF boom, with its GBTC ETF contributing massively towards the total $10 billion trading volume.

Author

Danielle du Toit
January 17, 2024

Here's what we've got for you today:

  • Bitcoin ETFs Surge in Popularity: Insights from the First 3 Days

  • Dencun Upgrade Goes Live on Ethereum’s Goerli Testnet

  • FTX Fallout: Bankman-Fried’s Parents Defend Against Legal Storm

  • XRP Advocate and Analyst Argue on Ripple’s Legal Right to Sell XRP

Spot Bitcoin ETFs were met with enthusiasm, reaching $10 billion in trading volumes in days, with Grayscale and BlackRock still leading the charge.

  • Grayscale's Bitcoin Trust, now an ETF known as GBTC, experienced high trading volumes, with $970 million on Tuesday, and previous volumes of $2.3 billion and $1.8 billion on Thursday and Friday.

  • Other Bitcoin trusts also saw robust trading activities: BlackRock’s iShares Bitcoin Trust (IBIT) traded $370 million worth of shares, and Fidelity’s Wise Origin Bitcoin Fund (FBTC) traded shares worth about $310 million.

  • Grayscale has also been in the spotlight for transferring a large amount of BTC, with Arkham Intelligence reporting a transfer of an additional 9,000 BTC to an exchange early Tuesday.

The much-anticipated Dencun upgrade for the Goerli testnet was launched, but due to limited participation, it did not reach finalization as quickly as anticipated.

  • The Dencun upgrade, featuring the "proto-danksharding" update aimed at reducing layer-2 transaction fees, was implemented on Ethereum’s Goerli testnet on Jan. 17.

  • The upgrade experienced limited validator participation, leading to a "chain split" due to validators not synchronizing effectively, a situation that was somewhat anticipated.

  • Dencun is the final upgrade for the Goerli testnet, after which both the client and Ethereum Foundation testing teams will end support for this testnet.

⚖️ FTX Fallout: Bankman-Fried’s Parents Defend Against Legal Storm

There have been a few new developments in major crypto lawsuits with Bankman-Fried's parents fighting an FTX lawsuit, and Kwon's trial being delayed due to extradition issues.

  • Alex Mashinsky, former CEO of Celsius, has sought to dismiss charges of commodities fraud and market manipulation, pointing towards inconsistencies in the government's case against him.

  • The parents of Sam Bankman-Fried, the former head of FTX, are also attempting to dismiss a lawsuit that accuses them of using their son's position for personal benefit.

  • The trial of Do Kwon, Terraform Labs' ex-CEO, in the U.S. is delayed until Mar. 25, due to setbacks in his extradition from Montenegro.

During a lively debate on X, XRP supporter Bill Morgan and cryptocurrency analyst "Darkhorse" discussed and exchanged opinions regarding Ripple's legal right to sell XRP tokens.

  • Crypto analyst Darkhorse stated that Judge Torres' July 2023 ruling didn't allow Ripple to sell XRP, and highlighted restrictions on its sale despite it not being deemed a violation of securities law.

  • Bill Morgan countered by saying the court only limited Ripple's institutional XRP sales, and that the injunction was specifically against these sales until an SEC appeal.

  • Morgan further noted that Ripple can sell its XRP; the main issue is whether it needs to register these sales with the SEC. He mentioned that Ripple's programmatic sales don't require registration, as they are not considered investment contracts.

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