Grayscale’s Bitcoin ETF hits $1.6b outflows hours before halving 

Grayscale’s spot Bitcoin ETF continued a five-day outflow sprint leading to the halving, a code change that occurs every four years to help maintain BTC scarcity. Data gathered by SoSoValue showed $89.9 million in Grayscale exits, bringing GBTC’s total net outflows to $1.6 billion since trading opened back in January.  For all 10 spot Bitcoin (BTC) ETFs, cumulative outflows were recorded as $4.3 million, as Fidelity and BlackRock garnered demand to offset some of GBTC’s liquidations. Fidelity’s FBTC net inflows came in at $37.3 million, outpacing $18.7 million, boasted BlackRock’s…

$1.6B Bitcoin Disappears from Exchanges,Will BTC Price React

BTC price peaked at $52,858 on Feb. 15, bringing its monthly gains to 24.3%, an unusual trend in Bitcoin exchange flows suggests more dramatic action could follow.  Bitcoin price has entered a new 2024 peak in the last four days, dating back to Feb. 12. Investors shifted $1.6 billion in Bitcoin into long-term storage Thanks to heightened buying pressure from investors piling funds into the newly launched spot ETFs, Bitcoin has added over $200 billion to its market capitalization within the first half of February.  However, looking beyond the flashy…

Genesis granted court permission to sell $1.6b Grayscale GBTC shares

Grayscale’s GBTC may experience new sell pressure and outflows following a ruling in the Genesis bankruptcy case on Feb. 14. U.S. Bankruptcy Judge Sean Lane ruled that Digital Currency Group (DCG) subsidiary Genesis has been approved to offload shares from Grayscale crypto products, including its converted Bitcoin ETF GBTC, its Ethereum Trust (ETHE), and its Ethereum Classic Trust (ETCG).  Judge Lane’s verdict allows the defunct lender to liquidate 35 million GBTC shares worth around $1.6 billion. Each share traded at around $46 when the ruling was issued. The bankrupt lender…

Gemini sues Genesis for $1.6b GBTC shares ownership

Gemini wrote to a federal judge asking the bankruptcy court to invalidate any claims Genesis has to a trove of Grayscale Bitcoin Trust (GBTC) shares in an ongoing dispute between both the two crypto entities. The lawsuit filed on Oct. 27 seeks ownership over some 60 million GTBC shares offered as collateral by Genesis Global, a now-defunct crypto lender under the Digital Currency Group (DCB) umbrella and Gemini’s former partner for its Earn program. Gemini said the GBTC shares worth $1.6 billion “would completely secure and satisfy the claims of…

Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6B

Cryptocurrency exchange Gemini filed an adversary proceeding against bankrupt crypto lender Genesis Global Holdco in the Southern District of New York Bankruptcy Court on Oct. 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust (GBTC). They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program. That collateral is currently worth close to $1.6 billion. According to the suit, Gemini has received $284.3 million from foreclosing on the collateral for the benefit of Earn users, but Genesis has…

Ethereum launches new testnet ‘Holešky,’ allocates 1.6B ETH for devs

Ethereum developers launched a new testnet on Sept. 15. Called “ Holešky,” the network is expected to be used for staking, infrastructure and protocol-development, according to its developer documents. Sepolia will remain the dominant network for application development. Hello Holesky, Ethereum’s Newest Testnet Read details below#cryptonews #ETH pic.twitter.com/Z6DUMkOExz — Amy Kols Network (@Amyykols) September 14, 2023 An initial supply of 1.6 billion Holesky testnet Ether (HETH) will be allocated to validators on Holešky’s launch day to bootstrap the network into operation, according to Ethereum developer Tim Beiko. This represents ten…

Shiba Inu burns 1.6b tokens in June

A recent tweet by Shibburn shows that the shiba inu community sent 1,653,845,435 SHIB meme coins to empty wallets in the past month. While the quantity of burned SHIB tokens may seem impressive, daily burning rates remain volatile, often plunging significantly into negative territory. On June 30, Shiba Inu’s burn rate spiked by 1,800% due to locking 50,258,924 SHIB in unspendable wallet addresses. 🔥🔥🔥 1,653,845,435 $SHIB tokens have been burned in the month of June with 164 transactions. #shib — Shibburn (@shibburn) July 1, 2023 However, only two daily SHIB…