Bitcoin
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$63,899.00 -1.51777
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Ethereum
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$3,499.83 -0.66289
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BNB
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$583.04 -2.32766
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$131.91 -1.75757
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$0.4858760 -2.11094
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$0.0000178 -2.01112
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Pepe
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$0.0000114 0.37256
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$0.0000204 -4.40442
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Bitcoin
Bitcoin (BTC)
$63,899.00 -1.51777
Bitcoin price
Ethereum
Ethereum (ETH)
$3,499.83 -0.66289
Ethereum price
BNB
BNB (BNB)
$583.04 -2.32766
BNB price
Solana
Solana (SOL)
$131.91 -1.75757
Solana price
XRP
XRP (XRP)
$0.4858760 -2.11094
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000178 -2.01112
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000114 0.37256
Pepe price
Bonk
Bonk (BONK)
$0.0000204 -4.40442
Bonk price
Bitcoin
Bitcoin (BTC)
$63,899.00 -1.51777
Bitcoin price
Ethereum
Ethereum (ETH)
$3,499.83 -0.66289
Ethereum price
BNB
BNB (BNB)
$583.04 -2.32766
BNB price
Solana
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$131.91 -1.75757
Solana price
XRP
XRP (XRP)
$0.4858760 -2.11094
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000178 -2.01112
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000114 0.37256
Pepe price
Bonk
Bonk (BONK)
$0.0000204 -4.40442
Bonk price
Bitcoin
Bitcoin (BTC)
$63,899.00 -1.51777
Bitcoin price
Ethereum
Ethereum (ETH)
$3,499.83 -0.66289
Ethereum price
BNB
BNB (BNB)
$583.04 -2.32766
BNB price
Solana
Solana (SOL)
$131.91 -1.75757
Solana price
XRP
XRP (XRP)
$0.4858760 -2.11094
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000178 -2.01112
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000114 0.37256
Pepe price
Bonk
Bonk (BONK)
$0.0000204 -4.40442
Bonk price
SirWin
SirWin
SirWin

Tokens surge double digits as Bitcoin shrugs GBTC stream

tokens-surge-double-digits-as-bitcoin-shrugs-gbtc-stream
Edited by
News
Tokens surge double digits as Bitcoin shrugs GBTC stream

A 3% jump in crypto’s total market cap signaled broad market gains, with Bitcoin weathering reduced sell pressure from Grayscale GBTC ETF outflows. 

Bitcoin’s (BTC) charge above $41,000 on Jan. 26 bolstered market sentiment, triggering price appreciations for hundreds of cryptocurrencies. According to CoinMarketCap, some 10 tokens saw double-digit price increases in the last 24 hours. 

Tokens include Bitcoin BRC-20 token 1000SATS (SATS) with a 21% jump. Conflux (CFX), the so-called ‘China’s Ethereum’ gained over 15% in second, while Ethereum Name Service (ENS) followed closely, increasing by 14%. 

Conflux announced a Bitcoin L2 expected by mid-year. ENS received plaudits from Ethereum co-creator Vitalik Buterin in early January.

Akash Network (AKT), Optimism (OP), Near Protocol (NEAR), Bonk (BONK), ORDI, Chiliz (CHZ), and OKB also featured among the day’s top gainers.

Tokens surge double digits as Bitcoin shrugs GBTC stream - 1
Top gainers on Jan. 26 | Source: CoinMarketCap

Bitcoin sell-off over?

Consecutive negative net flows for Grayscale’s GBTC exchange-traded fund may be slowing down crypto.news reported, citing analysts at JPMorgan. The data suggests that profit-taking, most likely from arbitrageurs trading GBTC’s net asset value discount, has already occurred around $3 billion in outflows.

Tokens surge double digits as Bitcoin shrugs GBTC stream - 2
spot Bitcoin ETF flows | Source: Bloomberg

The FTX estate under CEO John J. Ray III also offloaded $1 billion or so in Grayscale converted Bitcoin ETF, accounting for over $4 billion shed by GBTC in just over two weeks. Bloomberg expert Eric Balchunas predicted a 25% drop in Grayscale’s BTC ETF market cap. GBTC holds over $20 billion in value and Bitcoin.

Rotation into ETFs with lower fees may have occurred as well. Grayscale charges an industry-high 1.5% fee; the competition offers much lower fees, around 0.21% to 0.35% after fee waivers.