Bitcoin Lost 15% Since Spot ETF Approval
By Kapil Rajyaguru
Bitcoin (BTC) has dropped over 15% to around $41,500 since the first U.S. spot BTC ETFs listed last week, with $1.5 billion flowing out of the Grayscale Bitcoin Trust (GBTC), according to JPMorgan.
The cryptocurrency market seems to have been cooling off throughout the past seven days, decreasing to its current capitalization of $1.64 trillion.
In fact, the cumulative holdings of all Bitcoin ETFs as of January 18th was around $26 billion, with the lion’s share being held by Grayscale.
Meanwhile, the Commission recently postponed a resolution on Fidelity’s proposed spot ETH ETF – a move that has resulted in a decline in the asset’s price. Ethereum’s native token currently trades at around $2450, down 7.7% on the week.
In general, BTC dropped by 8.4%, SOL – by 6.1%, XRP – by 9.1%, ADA – by 15%, AVAX – by 14%, and so forth. The best performer seems to be Binance Coin (BNB), which is up 1.3% on the week and is the only cryptocurrency in green for the period.
It appears that Ethereum-centered tokens such as L2 scaling solutions Optimism and Arbitrum are the ones that suffered the most, with both coins being down over 20% for the past seven days.
Besides that, not much seems to have happened in the industry during the week as market participants are in a full-blown consolidation mode.
It’s interesting to see if the calm will continue throughout the next week, given that we are more or less four months away from the much-anticipated Bitcoin halving – slated for late April.
The global crypto market cap is $1.64T, a 0.50% increase over the last day. The total crypto market volume over the last 24 hours is $63.69B, which makes a 1.12% increase. The total volume in DeFi is currently $6.56B, 10.30% of the total crypto market 24-hour volume. The volume of all stable coins is now $57.57B, which is 90.38% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.78%, an increase of 0.18% over the day.
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