BTC Falls Amid Potential GBTC Redemptions, Larry Fink Targets ETH ETF Next
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 -2.15% (+6.8%), and ETH domain service ENS -0.59% (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.
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