Active Developers Fall, Tether Acquires $380m of Bitcoin

Jan 18, 2024
Market Update $BTC continues to drift lower, falling 2.6% over the last day to $41.4k. Bitcoin has dropped by up to 15% after peaking the same day as the highly anticipated ETF listing. This decline is partly attributed to withdrawals from Grayscale's Bitcoin Trust and miner selling. The trading volume for spot bitcoin ETFs reached almost $2.2 billion yesterday, a slight increase from Tuesday's $1.8 billion but significantly lower than the $3 billion seen last Friday and the $4.6 billion on the first day of trading. According to Bloomberg ETF analyst Eric Balchunas, BlackRock and Fidelity's ETFs lead new capital inflow. BlackRock saw $710 million in inflows, while Fidelity experienced $524 million in the first three days of trading. In contrast, Grayscale's converted fund witnessed $1.2 billion in outflows during the same period, with the total net flows across all new spot bitcoin ETFs amounting to $782.5 million. Data from the on-chain analytics firm CryptoQuant shows that Bitcoin miner reserves dropped by 10,233 BTC yesterday, approximately $450 million at current prices, marking the biggest one-day decrease in miner reserves in over a year. Over 90% of the top 100 is lower today, with the lone outperformer being $CFX (+5.3%), which announced a new EVM-compatible Bitcoin Laye

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