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#TrendingTopic $BTC Bitcoin BTC) has dropped over 15% since the inaugural launch of spot exchange-traded funds (ETFs) last week with $1.5 billion flowing out of the Grayscale Bitcoin Trust GBTC, financial giant JPMorgan (JPM) said in a research report on Thursday.
“It looks like GBTC investors who over the past year had been buying the GBTC fund at a significant discount to NAV to position for its eventual ETF conversion, have been taking full profit post-ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs,” analysts led by Nikolaos Panigirtzoglou wrote.
The bank had previously estimated that up to $3 billion had been invested in GBTC in the secondary market during 2023 to exploit the trust’s discount to NAV. If this estimate is correct, and given that $1.5 billion has already exited, there could be an additional $1.5 billion to exit the space via profit-taking on GBTC, which will put further pressure on bitcoin prices in the coming weeks.

“A lot more capital, perhaps an additional $5 billion-$10 billion, could exit GBTC if it loses its liquidity advantage,” the bank cautioned. As of Friday, GBTC is the most expensive ETF among counterparts, with some charging zero fees for the first six months or until a certain assets under management (AUM) target is reached
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#xai Users will be able to stake their BNB, FDUSD and TUSD into separate pools to farm XAI tokens over four days, with farming starting from 2024-01-05 00:00 (UTC). Binance will then list XAI at 2024-01-09 10:00 (UTC), and open trading with the XAI/BTC, XAI/USDT, XAI/BNB, XAI/FDUSD, XAI/TUSD and XAI/TRY tradi
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$BTC #BTC #Onchain #RichardTeng #etf Extradition Decision: Do Kwon to Face Charges in South Korea

Montenegro Court Approves Extradition of Terraform Labs' Do Kwon Amidst Financial Crime Allegations
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Author :

Updated on : 

26 Nov 2023, 7:58 pm

The Higher Court in Podgorica, Montenegro, has given its approval for the extradition of Do Kwon, co-founder of Terraform Labs, to either South Korea or the United States. This decision comes in light of charges related to financial crimes in both nations​​. Kwon, who faces allegations stemming from the May 2022 collapse of TerraUSD and Luna, resulting in a $40 billion loss for investors, has agreed to be extradited to South Korea. However, the final call on which country he will be extradited to rests with Montenegro's Minister of Justice​​​​.

Kwon's legal troubles in Montenegro began in March when he was arrested for using a fake passport. After a period of bail, he was sentenced to four months in prison for document forgery, a sentence he is currently serving before extradition can take place​​. This case is part of a broader saga involving Terraform Labs, with the other co-founder, Daniel Shin, also facing legal challenges in South Korea for alleged violations of capital market laws​​.

Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.

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Innovation: A Week in Crypto That Shook the Industry

Binance CEO's Legal Woes and the Rise of Blast Blockchain Stir Crypto Community



Author :

Sreekanth

Updated on : 

26 Nov 2023, 5:18 pm

This week in the cryptocurrency world was marked by significant upheavals and innovations. Binance CEO Changpeng Zhao made headlines with his unexpected resignation amid legal challenges, including pleading guilty to U.S. money laundering laws and his exchange being fined a staggering $4.3 billion. This development sent ripples through Crypto Twitter, with many users commenting on the irony of Zhao's previous dismissals of legal troubles, and speculating about a potential prison reunion with FTX founder Sam Bankman-Fried.

Simultaneously, the cryptocurrency community witnessed the emergence of Blast, a new layer-2 blockchain created by the team behind the controversial NFT marketplace Blur. Blast attracted significant attention with over $400 million in deposits, as users sought to gain from its promising rewards. However, concerns over transparency led to accusations of a Ponzi scheme, prompting Blur's pseudonymous creator, Pacman, to address the community's worries on Twitter​.

In addition, the Solana blockchain saw a surge in interest with the introduction of SPL20 tokens, digital assets similar to Bitcoin Ordinals. This development excited Solana's community, although it raised questions about its necessity given Solana's existing support for NFTs through smart contracts​.

Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.

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