Akash Network

Bitcoin

Ethereum Name Service

<p class="is-style-lead">A 3% jump in crypto’s total market cap signaled broad market gains, with Bitcoin weathering reduced sell pressure from Grayscale GBTC ETF outflows.&nbsp;</p> 
<p>Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) charge above $41,000 on Jan. 26 bolstered market sentiment, triggering price appreciations for hundreds of cryptocurrencies. According to CoinMarketCap, some 10 tokens saw double-digit price increases in the last 24 hours.&nbsp;</p> 
<p>Tokens include Bitcoin BRC-20 token 1000SATS (SATS) with a 21% jump. Conflux (<a href="https://crypto.news/price/conflux/" target="_blank" rel="noreferrer noopener">CFX</a>), the so-called ‘China’s Ethereum’ gained over 15% in second, while Ethereum Name Service (<a href="https://crypto.news/price/ethereum-name-service/" data-type="link" data-id="https://crypto.news/price/ethereum-name-service/">ENS</a>) followed closely, increasing by 14%.&nbsp;</p> 
<p>Conflux <a href="https://crypto.news/conflux-to-launch-bitcoin-l2-testnet-expected-by-march/" target="_blank" rel="noreferrer noopener">announced</a> a Bitcoin L2 expected by mid-year. ENS <a href="https://crypto.news/ens-rises-nearly-40-following-vitalik-buterin-endorsement/" target="_blank" rel="noreferrer noopener">received</a> plaudits from Ethereum co-creator Vitalik Buterin in early January.</p> 
<p>Akash Network (AKT), Optimism (<a href="https://crypto.news/price/optimism/" target="_blank" rel="noreferrer noopener">OP</a>), Near Protocol (<a href="https://crypto.news/price/near-protocol/" target="_blank" rel="noreferrer noopener">NEAR</a>), Bonk (<a href="https://crypto.news/price/bonk/" target="_blank" rel="noreferrer noopener">BONK</a>), <a href="https://crypto.news/price/ordi/" target="_blank" rel="noreferrer noopener">ORDI</a>, Chiliz (CHZ), and <a href="https://crypto.news/price/okb/" target="_blank" rel="noreferrer noopener">OKB</a> also featured among the day’s top gainers.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="628" src="https://crypto.news/app/uploads/2024/01/Screenshot-212-1024x628.png" alt="Tokens surge double digits as Bitcoin shrugs GBTC stream - 8" class="wp-image-14242592">
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  Top gainers on Jan. 26 | Source: <a href="https://coinmarketcap.com/gainers-losers/" target="_blank" rel="noreferrer noopener">CoinMarketCap</a>
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</figure> 
<p> You might also like: <a href="https://crypto.news/matrixport-predicts-challenging-q1-for-bitcoin-as-gbtc-investors-keep-capitalizing/"> Matrixport predicts challenging Q1 for Bitcoin as GBTC investors keep capitalizing </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-sell-off-over">Bitcoin sell-off over?</h2> 
<p>Consecutive negative net flows for Grayscale’s GBTC exchange-traded fund may be slowing down crypto.news reported, citing analysts at JPMorgan. The data suggests that profit-taking, most likely from arbitrageurs trading GBTC’s net asset value discount, has already occurred around $3 billion in outflows.</p> 
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 <img loading="lazy" decoding="async" width="797" height="267" src="https://crypto.news/app/uploads/2024/01/GExZ6j0WEAANwJE.png" alt="Tokens surge double digits as Bitcoin shrugs GBTC stream - 9" class="wp-image-14242593">
 <figcaption class="wp-element-caption">
  spot Bitcoin ETF flows | Source: Bloomberg
 </figcaption>
</figure> 
<p>The FTX estate under CEO John J. Ray III also <a href="https://crypto.news/ftxs-alameda-research-withdraws-grayscale-lawsuit/">offloaded</a> $1 billion or so in Grayscale converted Bitcoin ETF, accounting for over $4 billion shed by GBTC in just over two weeks. Bloomberg expert Eric Balchunas <a href="https://x.com/EricBalchunas/status/1749855431730610203?s=20" target="_blank">predicted</a> a 25% drop in Grayscale’s BTC ETF market cap. GBTC holds over $20 billion in value and Bitcoin.</p> 
<p>Rotation into ETFs with lower fees may have occurred as well. Grayscale charges an industry-high 1.5% fee; the competition <a href="https://crypto.news/asset-managers-cut-fees-for-european-bitcoin-etfs-as-competition-grows/">offers</a> much lower fees, around 0.21% to 0.35% after fee waivers.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">FWIW <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@JSeyff</a> and I are both in the 25% range but this is not something i'd be a sushi lunch over, too many unknowns</p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1749855431730610203?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 23, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p> Read more: <a href="https://crypto.news/jpmorgan-reports-gbtc-sell-declining-highlights-etf-record-outflows/"> JPMorgan reports GBTC sell declining, highlights ETF record outflows </a> </p>

Tokens surge double digits as Bitcoin shrugs GBTC stream

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