The price of bitcoin continued to decline over the weekend, dropping an additional 7.7% in the last 24 hours. It plummeted to a daily low of ,384 per coin, prompting a significant wave of leveraged liquidations on Saturday. Bitcoin Value Declines Amid Market Instability; Extensive Liquidations Reported By 4:00 p.m. Eastern Time on Saturday, bitcoin’s […]
Bitcoin News
$867 Million Erased — Grayscale’s GBTC Experiences Record 20,803 Bitcoin Reduction in 24 Hours
Recent data from Grayscale’s GBTC spot bitcoin exchange-traded fund reveals a significant reduction in its holdings, with 20,803.83 bitcoin, valued at 7.98 million, being withdrawn from the fund’s reserves. This substantial outflow, occurring over the past 24 hours, marks the most considerable decrease in GBTC’s reserves since it transformed into a publicly-listed ETF on Jan. 11, 2024.
Grayscale’s Latest GBTC Bitcoin Withdrawal Amounts to 7M, Remains Top ETF Holder
Grayscale’s GBTC holds a significant position with 502,712.60 BTC in its reserves, valued at approximately .10 billion. Still, this figure reflects a reduction of 20,803.83 BTC from its holdings on Friday morning, which then amounted to 523,516.43 BTC. Since Jan. 12, 2024, GBTC’s bitcoin holdings have decreased by 114,367.39 BTC, equivalent to .77 billion, based on the BTC exchange rates as of Jan. 27, 2024. The fund has also seen substantial trade activity, dominating the market on Friday with 9.74 million out of the .68 billion total trade volume across all ten spot bitcoin ETFs.
GBTC has led the market in all 11 trading sessions since the launch of the ten new spot bitcoin ETFs. Its highest trading volume was recorded on Jan. 11, reaching .29 billion, while its lowest was on Jan. 25, with a volume of 1.49 million. To date, these ten ETFs have accumulated a total trading volume of .36 billion, with GBTC’s transactions contributing .15 billion, accounting for 63.68% of the total since Jan. 11, 2024.
Despite competition from new entrants like Blackrock and Fidelity, Grayscale’s trust remains the largest bitcoin-holding fund. The Canadian Purpose Bitcoin ETF (BTCC) holds 33,062 BTC as of Jan. 27, and the ETC Group Physical Bitcoin fund (BTCE), traded on Germany’s Börse Frankfurt, holds 24,856 BTC as of Jan. 25. Even with the presence of these international ETFs and smaller U.S. counterparts like IBIT and FBTC, Grayscale’s trust still surpasses them all in size.
What do you think about the outflows Grayscale’s GBTC has seen since it was transformed into a publicly-listed spot bitcoin ETF? Let us know what you think about this subject in the comments section below.
Bitcoin Price Flash Crashes $600 In Less Than 5 Minutes, Last Night’s Rally Erased
In a shocking move, Bitcoin price just plummeted by over 0 in less than five minutes of price action. The surprise move has now erased the entire rally last night that took Bitcoin above the key level of ,000, which it has yet again failed to hold.
Bitcoin Price Fails To Hold ,000 Yet Again
Bitcoin price just fell over 0 in mere minutes, liquidating overleveraged long traders and quickly putting a stop to any hopes of a breakout in the cryptocurrency.
Talk about a clear technical breakout in the leading crypto asset spread across crypto Twitter like wildfire.
An upward break of a symmetrical triangle on the BTCUSD trading pair has now been rejected back below critical resistance at ,000.
The chart below depicts just how violent the crash was, sending Bitcoin dropping by over 5% in a matter of a 5 minute long red candle.
“I’m Bart Simpson, Who The Hell Are You?”
The move erased last night’s entire rally just prior to the daily close. A weekly sell signal on many crypto assets including Bitcoin may have spotted this drop ahead of happening, or ,000 once again has proven to be too strong.
Whatever the reason for the selloff, it has caused the return of the “Bart” formations, in reference to the shape of Bart Simpon’s head.
These patterns arrive when liquidity is low, and market manipulation runs amok. They’ve become notorious amongst the crypto community.
The drop doesn’t necessarily mean that Bitcoin’s rally is over, or new lows are in the cards. This could be a retest of resistance turned support that needs to confirm and hold for more upside to happen.
Breakout out above ,000 was never going to be easy, but when it finally happens and holds, all bets are off for the next bull market.
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Ether Just Erased Half of Last Week’s 35 Rally
The world’s second-largest cryptocurrency, ether ETH, erased half of last week’s rally today amid a broader market sell-off.
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