Dymension CEO Predicts Rollapp Summer, AltLayer Airdrop

The S&P is extending its weekly gains bolstered by positive economic data, marking a record high for the fifth day in a row, a streak last seen in November 2021. Encouraging economic indicators included December’s core personal consumption expenditures index, meeting monthly forecasts but slightly below yearly expectations. This followed Thursday’s GDP data showing stronger-than-expected growth in Q4, boosting investor confidence. Yesterday, U.S. spot Bitcoin ETFs saw the largest single-day new net outflows (-$158m), led by significant withdrawals from Grayscale’s GBTC. Data from Bloomberg Intelligence’s James Seyffart shows that while ten spot Bitcoin ETFs initially attracted inflows, they were offset by a $429 million net outflow from GBTC. The total Bitcoin holdings across all spot ETFs dropped to around 649,000 BTC, a decrease of over 11,000 BTC from the previous week. Despite this, BlackRock’s IBIT and Fidelity’s FBTC ETFs are seeing positive growth, each holding over 40,000 BTC and nearing $2 billion in assets under management. BTC is pulling the market higher today, rising 5.8% in the last day to $41.9k. While GBTC selling has dragged the market lower, we have noted that the volume of outflows has begun to trend lower, potentially signaling a shift to net positive flows with less impact from GBTC selling.