Bitcoin Plummets Below $40K, GBTC Trading Volume Slows Down, MANTA Surges Nearly 30%
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Bitcoin once fell below $40,000
GBTC selling pressure ends? Trading volume continues to decline
DCG, not FTX, is the largest holder of GBTC
ETH market share slightly increases
Manta Network (MANTA) sees the biggest gain
Bitcoin once fell below $40,000
Bitcoin fell to $38,554 on the night of the 23rd in Taiwan time. Although it subsequently rose to a high of $40,588, it fell again to $39,497 on the morning of the 25th and barely maintained the $40,000 level before the deadline.
BitMEX founder Arthur Hayes previously believed that Bitcoin would experience a 30-40% correction.
(
Arthur Hayes: BTFP is the key, will buy BTC, SOL, and Dogecoin meme coins at a low price
)
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BTC/USDT|1H
GBTC selling pressure ends? Trading volume continues to decline
Bloomberg ETF analyst Eric Balchunas pointed out that GBTC trading volume has been declining since January 19, which may be a sign of exhausted selling pressure.
However, there are also counterarguments from the community, stating that trading volume for all Bitcoin ETFs has been declining, not just GBTC.
Eric Balchunas stated:
The trading volume of other Bitcoin ETFs has indeed declined, and the GBTC sell-off will affect the overall trading activity of Bitcoin ETFs.
DCG, not FTX, is the largest holder of GBTC
Another Bloomberg ETF analyst, James Seyffart, pointed out that although FTX is considered the largest seller of GBTC, DCG is actually the largest holder of GBTC.
He said:
To be honest, if DCG did not participate in this GBTC sell-off, I would be really surprised. Other institutions may have similar situations (selling GBTC).
ETH market share slightly increases
According to CoinMarketCap, BTC and ETH have fallen by -6.6% and -12.34% respectively in the past 7 days. Although ETH seems to have a larger decline, the previous statement that the market focus has shifted to ETH seems to be correct.
Glassnode data shows that since the launch of Bitcoin ETF trading on January 11, ETH’s market share has increased by 2.9%.
(
Matrixport analyst: Bearish on BTC in the short term; ETH will quickly rise to $3,000
)
BTC vs. ETH market share
Manta Network (MANTA) sees the biggest gain
Among the top 100 market capitalizations, the highest gain is MANTA, which was listed recently. It has a 24-hour gain of nearly 30% and a 7-day gain of 43.93%.
(
Binance Launchpool – Manta Network (MANTA) attracts 5.8 billion RMB, becoming the second largest chain after Base
)
Among the top 10 market capitalization cryptocurrencies, AVAX (-14.86%) and SOL (-12.86%) have the highest decline in the past 7 days.
7-day gain/loss
bitcoin
BTC
ETH
GBTC
Manta
Bitcoin
Further reading
Grayscale transfers $579 million worth of Bitcoin to Coinbase Prime, GBTC continues to see outflows
Bitwise: Bitcoin price selling pressure comes from excess expectations of spot ETF approval.
