Posted by Xoken.org – The crypto market strengthened today (25/3/2024) amidst the increasingly depleting bitcoin reserves held by Grayscale’s Bitcoin Trust (GBTC).
Referring to CoinMarketCap on Monday (25/3/2024) at 06:34 WIB, the crypto market moved stronger. Bitcoin rose 4.43% to US$67,301.72 even though it was in the negative 1.28% zone on a weekly basis.
Ethereum was in the green zone at 2.78% in the last 24 hours despite weakening 4.95% in the week. XRP rose 2.33% daily and appreciated 2.88% weekly.
Likewise, Dogecoin flew 7.89% in the last 24 hours and in the last seven days jumped 15.36%.
Crypto Performance (25/3/2024)
CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, rose 3.88% to 2,790.59. Open interest appreciated 4.3% at US$71.49 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 75, which shows that the market is in an optimistic phase with the current economic conditions and crypto industry.
Reporting from cointurk news, blockchain analysis company Arkham Intelligence estimates that if the current redemption rate continues, GBTC could deplete its bitcoin reserves in the next 96 days.
Since its conversion to a spot Bitcoin ETF fund in January, Grayscale’s Bitcoin balance has decreased by 266,470 Bitcoins.
This represents a significant drop from his initial holdings of around 620,000 Bitcoins.
This downward trend is due to consistent weekly outflows from GBTC funds, averaging around 25,900 Bitcoins.
“Grayscale started the year holding 618,280 Bitcoins for Bitcoin Trust GBTC. They now only have 356,440 Bitcoins remaining. If this continues, they only have 14 weeks before they are completely liquidated.” said the Arkham Intelligence analyst.
Grayscale CEO Michael Sonnenshein acknowledged the expected outflow and primarily attributed it to investors taking profits and arbitrageurs exiting the fund.
On the other hand, Goldman Sachs clients are showing renewed interest in cryptocurrency options.
The bank’s hedge fund clients have reportedly increased their engagement with cryptocurrencies since the start of the year, marking a departure from the cautious approach seen in previous years.
Head of Digital Assets Goldman Sachs Asia Pacific, Max Minton said that there was a surge in interest due to the approval of a spot bitcoin ETF.