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Bitcoin temporarily fell below $40,000
GBTC selling pressure ends? Trading volume continues to decline
DCG, not FTX, is the largest holder of GBTC
ETH market share slightly increases
Manta Network (MANTA) sees the biggest gain
Bitcoin temporarily fell below $40,000
Bitcoin fell to $38,554 on the evening of the 23rd in Taiwan time. Although it later rose to a high of $40,588, it fell again to $39,497 on the morning of the 25th and barely maintained the $40,000 level at the time of writing.
BitMEX founder Arthur Hayes previously believed that Bitcoin would undergo a correction of 30-40%:
(
Arthur Hayes: BTFP is key, will buy BTC, SOL, and Dogecoin meme coin at a low price
)
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BTC/USDT|1H
GBTC selling pressure ends? Trading volume continues to decline
Eric Balchunas, an ETF analyst from Bloomberg, pointed out that GBTC trading volume has been declining since January 19, which may be a sign of selling pressure exhaustion.
However, there are also counterarguments from the community, stating that all Bitcoin ETF trading volumes have been declining, not just GBTC.
Eric Balchunas stated:
The trading volume of other Bitcoin ETFs has indeed declined. The selling of GBTC will affect the overall trading activity of Bitcoin ETFs.
DCG, not FTX, is the largest holder of GBTC
Another ETF analyst from Bloomberg,
James Seyffart
pointed out that although FTX is considered the largest seller of GBTC, DCG is actually the largest holder of GBTC.
He stated:
To be honest, I would be surprised if DCG did not participate in this GBTC sell-off. Other institutions may have similar situations (selling GBTC).
ETH market share slightly increases
According to
CoinMarketCap
, BTC and ETH have fallen by -6.6% and -12.34% respectively in the past 7 days. Although ETH seems to have a greater decline, the previous statement that “market focus has shifted to ETH” seems to be correct.
Data from Glassnode shows that since the launch of Bitcoin ETF trading on January 11, ETH’s market share has increased by 2.9%.
(
Matrixport analyst: Short-term bearish on BTC; ETH will quickly rise to $3,000
)
BTC vs. ETH market share
Manta Network (MANTA) sees the biggest gain
Among the top 100 cryptocurrencies by market capitalization, MANTA, which recently went public, has the highest increase, with a 24-hour gain of nearly 30% and a 7-day gain of 43.93%.
(
Binance Launchpool – Manta Network (MANTA) attracts 5.8 billion RMB, becoming the second largest chain after Base
)
Among the top 10 cryptocurrencies by market capitalization, AVAX (-14.86%) and SOL (-12.86%) have the highest 7-day decline.
7-day gain/loss
bitcoin
BTC
ETH
GBTC
Manta
Bitcoin
Further reading
Grayscale transfers $579 million worth of Bitcoin to Coinbase Prime, GBTC continues to see outflows
Bitwise: Bitcoin price selling pressure comes from excessive expectations from spot ETF approvals