Who's selling? 🪝
FTX sell off ruins spot Bitcoin ETF party. Bitcoin ETFs now hold nearly $4 billion in assets. Global crypto user base surpasses half a billion in 2023. Tinder-like app for cryptocurrency.
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Sell the news has seen a true force in crypto.
Less that two weeks from the day of the spot Bitcoin ETFs listing, Bitcoin price has slide from around $49k to close to $40k.
According to CoinDesk, investors have sold over $2 billion in GBTC, with a large portion coming from FTX estate selling 22 million GBTC shares worth nearly $1 billion, which brought FTX estate’s GBTC holdings down to 0.
While the approval of new Bitcoin ETFs by the US Securities and Exchange Commission (SEC) sparked optimism, the GBTC, which had existed for a decade, experienced a substantial outflow.
Over $2 Billion Exit: Investors Dump Grayscale Bitcoin Trust Since ETF Conversion
FTX Leads the Wave: Bankrupt Exchange Sells 22 Million Shares, Worth $1 Billion
New ETFs vs. Established Player: Spot Bitcoin ETFs Attract Inflows While GBTC Sees Outflows
Bitcoin Price Tumbles Despite ETF Hype: Optimism Dashed as BTC Falls
FTX Capitalises on Disparity: Sold Holdings at Premium After Years of Accumulation
Legal Battle Settled: Alameda Research Drops Lawsuit Against Grayscale Over Fees
Background on GBTC and ETF Approval: The Grayscale fund, initially structured as a less-attractive closed-end fund, had amassed close to $30 billion in assets before the SEC approved its conversion into an ETF. Despite the influx of new ETFs from major players like BlackRock and Fidelity, GBTC witnessed substantial capital withdrawal.
FTX's Trading Strategies: FTX, like other major crypto trading entities, took advantage of the price disparity between Grayscale trust shares and the net asset value of underlying Bitcoin. Holding 22.3 million GBTC valued at $597 million as of October 25, 2023, FTX strategically increased its holdings to approximately $900 million by the first day of Grayscale's Bitcoin ETF trading on January 11, 2024.
Future Outlook: With FTX concluding its substantial GBTC sell-off, there is speculation that the selling pressure on GBTC may ease.
TTD TTD Numbers 🔢
Estimated number of worldwide cryptocurrency users as per the research report by cryptocurrency exchange Crypto.com
Cryptocurrency Adoption Surpasses Half a Billion Users in 2023:A significant 34% increase from the previous year's count of 432 million.
Unique Methodology for Market Sizing: Methodology combined on-chain data with various parameters to provide accurate estimates of the global cryptocurrency user base.
Crypto Adoption Amid Market Challenges: Despite challenging market conditions characterised by prolonged bearish trends, the report highlights that cryptocurrency adoption in 2023 achieved remarkable milestones.
Data Source and Ownership Distribution: Crypto.com's on-chain data extraction includes information from 23 cryptocurrency exchanges. The report reveals that 40% of Bitcoin owners also own Ether, while 42% of cryptocurrency users do not hold any Bitcoin or Ether in their portfolios.
Future Projections: While Crypto.com estimates the global cryptocurrency user base at over 580 million, a December 2023 report from Bitfinex anticipates a further increase, predicting that the user base could reach an estimated 950 million people by the end of 2024.
The nine new spot Bitcoin ETFs have accumulated nearly $4 billion in assets under management, with Fidelity and BlackRock’s ETFs neck-and-neck for the top slot, according to preliminary data shared by Bloomberg analyst Eric Balchunas👇
TTD Indonesia 🇮🇩
Indonesia's growing interest in cryptocurrency faces uncertainty as the country gears up for its general elections in February.
Current Government's Crypto Initiatives: President Joko Widodo has globally embraced cryptocurrency, establishing Indonesia's first digital asset bourse.
The Future of Crypto: Examining the Presidential Candidates' Stances
TTD Chinder 😱
New App Lets You Swipe Left and Right on Cryptocurrencies
Chinder is a Tinder-like app for cryptocurrency. Users swipe right on charts they like and left on those they don’t.
Developed by pseudonymous developer Virtual Facade.
“I think that all swiping and bag marrying jokes aside, I haven’t come across a product where you can consume a large amount of information and discover new on-chain charts quickly without having to go to the effort of opening multiple tabs.”
The app is currently only for Solana-based tokens, and is powered by Unibot on Solana. It builds upon the existing capabilities of Unibot, a Telegram bot that facilitates cryptocurrency buying and selling.
TTD Surfer 🏄
China is working with country's tech giants - Huawei, Ant Group, Tencent and Baidu - to push for standardisation for the metaverse sector.
Do Kwon's Terraform Labs, behind the collapsed UST stablecoin, has filed for Chapter 11 bankruptcy in the US.
MetaMask introduces running Ethereum validator nodes on behalf of users with at least 32 eth to spare, powered by Consensys Staking.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.