BTC Falls Amid Potential GBTC Redemptions, Larry Fink Targets ETH ETF Next

Name: FS Insight
Price range: $$$

Jan 12, 2024

BLUR 11.44% BTC -0.07% ENS 17.96% ETH 3.75% OP 5.38%

Market Update The cryptocurrency market is currently experiencing a downturn, falling 3% overall. Ethereum and select ecosystem projects are bucking the trend, with $ETH relatively flat in the last day, trading 0.2% lower at ~$2.6k and hitting a two-month high against Bitcoin as ETHBTC reaches 0.059. Outperformers in the top 100 include ETH NFT marketplace $BLUR (+8.7%), layer-two $OP (+6.8%), and ETH domain service $ENS (5.2%). In contrast, $BTC is noticeably underperforming, dropping by 5.7% to $43.4k following the debut of eleven Bitcoin ETFs. The first day of trading saw an extraordinary volume exceeding $4.5 billion. However, whether this represents new investments or simply a shift from GBTC remains unclear. Several brokerages are not yet facilitating trades of these ETFs, and others, like Vanguard, have decided not to support them in the future. Many investors are considering moving their assets elsewhere in response to Vanguard's decision. Equities are slightly lower today as investors digest fourth-quarter earnings and December PPI data. PPI unexpectedly fell 0.1% in December, contrasting hot CPI earlier this week and encouraging the falling inflation camp that last month's hot CPI could be a one-off rather than a trend reversal. According to data from Arkham, Graysc

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Crypto subscription is required in order to access this content.

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

FSInsight Puts Ethereum At $12,000 EOY, Bullish Forecast For Bitcoin

Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities

Market Update

By Sean Farrell • Oct 4, 2024

CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...

BTC -0.07% ETH 3.75% RENDER 3.25% SOL 0.00% STX 5.21% TAO 1.86% TIA 2.28% WIF 7.95% XMR 2.70% WULF

Bitcoin will hit $200,000 in the second half of 2022, predicts FSInsight

Visa Unveils Tokenization Platform, SEC Appeals XRP Decision

Market Update

By Tom Couture • Oct 3, 2024

MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -0.07% falling to $60k and ETH 3.75% approaching the low $2,300s. Aptos (APT 0.68% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE 7.92% is also showing slight gains following...

AAVE 7.92% APT 0.68% BTC -0.07% ETH 3.75% TOTAL XRP 3.98%

Invesco ditches its plan to launch a US bitcoin futures ETF any time soon, just before the first-ever makes its debut

Bitwise Files for XRP ETF, Crypto Prices Bounce as Oil and Gold Retrace

Market Update

By Sean Farrell • Oct 2, 2024

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.07% climbing back above $61,000 and SOL 0.00% moving above $145, while ETH 3.75% is lagging, trading around $2,400. Among today's outperformers is SUI 1.61% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...