Bitcoin has once again regained a trading price of $42,000 after a week characterized by downtrends. The price drop was fueled by a massive sell-off recorded by the asset management firm Grayscale on its flagship ETF product.

Grayscale’s Selling Spree Slows Down

On January 10th, Grayscale’s GBTC was one among 11 spot Bitcoin exchange-traded funds (ETFs) that got approved. The asset management company took the leading position in terms of trading volume, holding nearly half of the market share in just 24 hours after approval.

Reports confirmed on January 22nd that the bankrupt crypto derivatives exchange FTX sold off almost $1 billion worth of GTBC. Several investors followed the same path, pulling their funds from Grayscale’s GBTC product. In one instance, the firm saw more than $515 million exit its platform in a single day. Presently, the selloff has reduced as Grayscale’s total sales total $4.3 billion, signifying a possible slowdown in the selling spree.

The massive exodus recorded in Grayscale’s Bitcoin ETF business has benefited other financial institutions offering the same product. For example, BlackRock’s IBIT and Fidelity’s FBTC continued to record inflows throughout the week while Grayscale saw outflows.

Meanwhile, Bitwise became the first ETF issuer to publicly disclose the Bitcoin wallet address holding its ETF proceeds. While the move may likely bring more investors into its ecosystem, the firm noted that the action will bolster transparency. Since then, the company has seen donations poured into its wallet address. These additional funds will be issued to investors in Bitwise’s BITB investment vehicle.

BTC Trades at $42K

After a troubling week for the leading cryptocurrency, it has bounced back to a current trading price of $42,000. BTC’s downward spiral earlier this week saw its lowest on January 23rd when it traded around $38,600.

However, the asset began seeing uptrends earlier today, causing its latest impressive price performance.
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Visualizing the first 12 days of trading for the Bitcoin ETFs.

🟩131,000 Bitcoin bought by ETFs
🟥Grayscale has sold 117,000 Bitcoin
⬜️10,800 Bitcoin are mined every 12 days
🟧5,400 BTC will be mined in 12 days post halving

🚨The ETF's have bought over 145 days' worth of supply in 12 trading days alone!

Good evening.

For all the "Middle East will pump #Bitcoin  - but the ETF didn't work" BlackRock Bears.

Saudi Arabia's sovereign wealth fund is $776 billion.

BlackRock's Assets Under Management is $10 TRILLION.

A 50% allocation (BTW - NEVER GONNA HAPPEN) to #Bitcoin  by your Saudi Saviours is $388 Billion.

Just a 5% allocation by BlackRock ALONE is $500 Billion.

Grow up and stop being a BlackRock Bear - you sound dumb.

You should be more pumped about the ETF for price appreciation AND adoption than any Middle East dreams anyone is trying to sell you or any other single development in #Bitcoin  since #Bitcoin 's inception.

#TradeNTell #friend3 #Write2Earn

The Pentagon: We’re unable to track $3.8 trillion dollars of military spending.

The U.S. Treasury: We’re unable to track $5 trillion dollars of pandemic spending.

The White House: We’re unable to track $6.2 billion dollars of aid to Ukraine.

The IRS: You owe us $5.37 pay it right now or you’re going to jail.

#TradeNTell #Write2Earn

Crypto index fund manager Bitwise has led the way by becoming the first Bitcoin exchange-traded fund (ETF) issuer to publicly reveal its Bitcoin address holdings. The move comes about two weeks after the products were made available for trading.
Bitwise Holds $453M in BTC
In a Wednesday post on X (formerly Twitter), the firm disclosed that its trust (BITB) currently holds about $453 million in Bitcoin. The San Francisco-based digital asset manager noted that the decision to reveal its digital wallet addresses is aimed at enhancing transparency and fostering trust.
“Now anyone can verify BITB’s holdings and flows directly on the blockchain. Onchain transparency is core to Bitcoin’s ethos. We’re proud to walk the walk with BITB. Publishing on-chain addresses is a first step toward increasing public transparency. As infrastructure evolves, we hope to do more, such as working with firms like the Hoseki app to provide real-time cryptographic attestations”, the firm said.
Through this move of publishing its Bitcoin address holdings, Bitwise aims to position itself at the forefront of regulatory compliance and investor communication. The firm’s willingness to disclose this information can be viewed as a demonstration of its commitment to addressing concerns related to the verification of asset backing, building credibility for Bitcoin investment products and setting an industry standard.
Bitwise’s Spot Bitcoin ETF
Bitwise is one of the several spot Bitcoin exchange-traded funds (ETF) issuers that the United States Securities and Exchange Commission (SEC) officially gave approval earlier this month to offer the product to American investors. On the first day of trading, the asset manager saw around $238 million of inflows. Last week, the firm’s CEO Hunters Horsley revealed a $370 million in assets under management (AUM) within its inaugural four days of trading.
Additionally, the company pledged earlier this month to allocate 10% of profits from the Bitwise Bitcoin ETF (BITB) towards supporting Bitcoin open-source development.
#Write2Earn: #TradeNTell

Solana Network’s co-founder, Anatoly Yakovenko, has confirmed the conditions the blockchain would meet before finally exiting the much-talked-about beta mode. According to a tweet on Friday, the Solana network would go full mainnet when “firedancer is stable and it’s running as a safety check on mainnet.”

The revelation came in response to a tweet flaunting the stability of the Solana Network. The X user revealed that the blockchain has maintained an uptime of 336 days, 29 days shy of a full year without downtime.

Mainnet Finally?

The “Mainnet Beta” phrase affiliated with the Solana Network had seen it receive less criticism during downtimes. However, the blockchain has shown appreciable stability amidst peak usage.

The Solana Network experienced zero downtime during the SOL’s mini-bull run last year, surpassing daily and monthly transaction highs. At one point, SOL’s DEX trading volume surpassed that of Ethereum and other layer-1 networks combined, but it maintained uptime and a reasonable transaction fee.

Despite the positives, Yakovenko maintained that its independent client validator, Firedancer, must be more stable and run safety checks before Solana goes mainnet entirely. Solana introduced the Firedancer last year to boost the network’s scalability, speed, and decentralization.

Way to the Top?

Although Solana suffered several setbacks during and after the Mainnet Beta 2 launch in 2020, it is on course to become one of the leading blockchains in the crypto sector. Solana’s scalability has improved drastically and is second only to the Ethereum Network.

With Yakovenko stating at one time that he sees nothing holding developers from building layer-2s on Solana’s blockchain, the network might be on track to greater scalability and stability and may finally match Ethereum toe-to-toe. However, Solana co-founder Raj Gokal insists he wants to see the second-largest crypto asset thrive.

#Write2Earn: #TradeNTell #TrendingTopicChallenge
#Solana-SOL

Bitcoin & crypto can save you.
#BitcoinForever #friend3 #ChooseWell #Inflation_Rate #Protectyourfunds

Bitcoin  is making a small rebound from its drop to $38,500, to now $42,000.

But some people may be jumping the gun to say the bottom is in.

With 12 other examples, the weekly RSI is due to head to the orange .382 support zone, with prices in the low 30k's.

The most common argument to say the local low is in is our 20% decline which lines up with other 20% declines in 2023.

What they don't mention, is that our move is up almost 100%, compared to the 60% moves that came before 20% drops.

This is by far the largest single rise we have seen this cycle.

Data was accurate to tell us when price was overheated, and I am sure it will do the same to tell us when it is undervalued again.

We're just not quite there yet.

Last cycle I bought all my #Bitcoin  below 10k.

Then I sold it all at 54k in April 2021.

Now I'm all in from 16.5k Nov 2022.

My only mission is to help you succeed!

The best way is my newsletter, which you can follow me or reshare my story.

#Write2Earn: #TradeNTell #friend3

If you exchange $4000 for 0.1 #Bitcoin  today, you have the same amount of money for which 20 years later millions of people all over the world will spend their resources, time and labor for ~10 minutes to produce 0.1 units of a money, whose total amount will be exhausted by 97.66% til then.

This $4000 will be 0.000...1% of the US dollar money supply in 2044, when ~0.1 Bitcoin will make up the block subsidy of a Bitcoin block reward. By then that $4000 probably won't even get you a week's groceries.

You have the choice: a week's groceries worth of purchasing power, or generational wealth. A small decision with immense consequences.
#Write2Earn: #TradeNTell #bitcoin

A penny doubled each day for a month:

day 1: $0.01
day 2: $0.02
day 3: $0.04
day 4: $0.08
day 5: $0.16
day 6: $0.32
day 7: $0.64
day 8: $1.28
day 9: $2.56
day 10: $5.12
day 11: $10.24
day 12: $20.48
day 13: $40.96
day 14: $81.92
day 15: $163.84
day 16: $327.68
day 17: $655.36
day 18: $1,310.72
day 19: $2,621.44
day 20: $5,242.88
day 21: $10,485.76
day 22: $20,971.52
day 23: $41,943.04
day 24: $83,886.08
day 25: $167,772.16
day 26: $335,544.32
day 27: $671,088.64
day 28: $1,342,177.28
day 29: $2,684,354.56
day 30: $5,368,709.12
day 31: $10,737,418.23

A penny doubled each day for a month:

day 1: $0.01
day 2: $0.02
day 3: $0.04
day 4: $0.08
day 5: $0.16
day 6: $0.32
day 7: $0.64
day 8: $1.28
day 9: $2.56
day 10: $5.12
day 11: $10.24
day 12: $20.48
day 13: $40.96
day 14: $81.92
day 15: $163.84
day 16: $327.68
day 17: $655.36
day 18: $1,310.72
day 19: $2,621.44
day 20: $5,242.88
day 21: $10,485.76
day 22: $20,971.52
day 23: $41,943.04
day 24: $83,886.08
day 25: $167,772.16
day 26: $335,544.32
day 27: $671,088.64
day 28: $1,342,177.28
day 29: $2,684,354.56
day 30: $5,368,709.12
day 31: $10,737,418.23

#Write2Earn: #TradeNTell #TradeSmart #Friend3