Grayscale's GBTC Hit with $640M in Outflows in a Day!

A Bloomberg report revealed that the last week witnessed an overall ETF outflow of $21 million.

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

  • Breaking: Grayscale’s GBTC Sees $640M in Outflows in a Day

  • Cardano Witnesses a Whale Movement of 27 Billion in ADA Tokens

  • Binance Still Growing Amidst Its Legal Confrontation With the SEC

  • FTX Estate Sold Most of its Grayscale Bitcoin Trust Shares: Report

The market for Bitcoin ETFs experienced a decline of about 20%, accompanied by an increase in outflows.

  • James Seyffart, a Bloomberg analyst, reported a massive outflow of $640 million from Grayscale's GBTC ETF on Jan. 23, contributing to a total outflow of $3.45 billion.

  • Financial commentator Peter Schiff also commented on the downturn in the Bitcoin ETF market, noting a 20% decline from their peak values. He pointed out that Fidelity's FBTC ETF experienced the largest drop, falling by 32%.

  • A Bloomberg report indicated an overall outflow of $21 million from ETFs in the last week.

This activity is happening in the middle of a general drop in ADA's market value, mirroring the wider downward trends in the cryptocurrency market.

  • Cardano's (ADA) daily large transaction volume significantly increased, reaching 27.59 billion ADA. These large transactions are mainly transfers exceeding $100,000, indicating the involvement of whales and institutional players.

  • The continued interest in Cardano during its price decline suggests a potential underlying resilience in the ADA market.

  • Despite this activity from major investors, ADA's market performance continues to follow the broader market downtrend. After reaching a high of $0.619 on Jan. 11, ADA's price has been on a downward trajectory.

Not only is Binance pushing back at the SEC in its lawsuit with the regulator, but the exchange also recently announced a major burn update.

  • In a recent court hearing, Binance's legal team contested the SEC's methods, particularly its use of the Howey test for cryptocurrencies.

  • Despite facing a number of legal hurdles and going through a drastic leadership change, Binance still reported impressive net inflows of $4.6 billion.

  • Binance also announced a token burn update, planning to eliminate a large number of tokens across various chains.

According to a Jan. 22 report, the estate of the defunct crypto exchange FTX and the hedge fund Alameda Research has liquidated over two-thirds of its shares in the Grayscale Bitcoin Trust (GBTC).

  • The FTX estate potentially generated at least $600 million from selling over two-thirds of its shares in the Grayscale Bitcoin Trust (GBTC).

  • Following the conversion of GBTC into a spot exchange-traded fund (ETF) on Jan. 11, FTX reduced its holdings to less than 8 million shares, currently valued at around $281 million.

  • Since Jan. 11, the Grayscale Bitcoin Trust has offloaded more than $700 million in Bitcoin, with analysts suggesting that high fees are driving investors away from the fund.



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