Akash Network

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<div class="cryptonews">
 <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 (BTC) 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 (CFX), the so-called ‘China’s Ethereum’ gained over 15% in second, while Ethereum Name Service (ENS) followed closely, increasing by 14%.&nbsp;</p>
 <p>Conflux announced a Bitcoin L2 expected by mid-year. ENS received plaudits from Ethereum co-creator Vitalik Buterin in early January.</p>
 <p>Akash Network (AKT), Optimism (OP), Near Protocol (NEAR), Bonk (BONK), ORDI, Chiliz (CHZ), and OKB also featured among the day’s top gainers.</p>
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   <img decoding="async" width="1024" height="628" src="https://cdn.thebittimes.com/images/2024/01/26/db4071564dc456f300902bd4c9056078.webp" alt="Tokens surge double digits as Bitcoin shrugs GBTC stream - 1"> 
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   Top gainers on Jan. 26 | Source: CoinMarketCap
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Matrixport predicts challenging Q1 for Bitcoin as GBTC investors keep capitalizing
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 <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://cdn.thebittimes.com/images/2024/01/26/c996b90faf3c4866053af9e1c77d6236.webp" alt="Tokens surge double digits as Bitcoin shrugs GBTC stream - 2"> 
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   spot Bitcoin ETF flows | Source: Bloomberg
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 <p>The FTX estate under CEO John J. Ray III also offloaded $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 predicted 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 offers much lower fees, around 0.21% to 0.35% after fee waivers.</p>
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    <p lang="en" dir="ltr">FWIW @JSeyff 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) January 23, 2024
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> JPMorgan reports GBTC sell declining, highlights ETF record outflows
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tokens-surge-double-digits-as-bitcoin-shrugs-gbtc-stream-tbt77886.html">https://thebittimes.com/tokens-surge-double-digits-as-bitcoin-shrugs-gbtc-stream-tbt77886.html</a></p>

Tokens surge double digits as Bitcoin shrugs GBTC stream

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