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