Excitement was high following the SEC decision on Bitcoin ETFs in January. One of the several benefits of Bitcoin ETFs is that they make it easier to invest in BTC without holding the asset, triggering optimistic price forecasts. However, the reality has been far from expectations, with the price of BTC falling since the approval of spot Bitcoin ETFs.
One of the main catalysts for this decline was FTX dumping its Grayscale Bitcoin ETF holdings. As the exchange’s liquidation process continues, which is intended to repay creditors, its GBTC ownership is now down to zero after the sale of 22 million shares worth almost $1 billion.
Meanwhile, investor sentiment post BTC ETF has been on the rise considering the significant progress being made in Ethereum’s (ETH) ETF application. The US SEC recently postponed its decision on Fidelity’s Ethereum ETF application to March, with speculators optimistic about its approval. At the same time, InQubeta (QUBE), a top ICO, has become one of the most popular ICOs, with its launch one of the most highly anticipated.
InQubeta (QUBE): Highly-Anticipated Launch
InQubeta (QUBE) is one of the most compelling bullish plays currently. Yet to launch, it is among the most promising new ICOs. To date, a whopping $8.4 million has been raised in its ongoing presale, a truly remarkable feat. With its launch being one of the most anticipated, it is positioned as the best new crypto to invest in.
It is one of the most sought-after tokens thanks to its innovative concept and the problem it aims to solve. Positioned at the intersection of AI and blockchain, it will become the first crowdfunding platform for AI tech startups through crypto. In addition, its NFT marketplace will enable startups to raise funds by minting investment opportunities as NFTs and offering them to investors.
In the seventh stage of the presale, a token costs only $0.0224 and is tipped for a 6,000% rally after its launch. To partake in the ICO, follow the link below.
FTX: $1 Billion of Grayscale Bitcoin ETF Dumped
The US SEC finally approved the first spot Bitcoin ETFs on January 10, with trading starting a day later. Among the approved applications is Grayscale, one of the largest asset managers in the world. While spot Bitcoin ETFs are a new investment product, the Grayscale fund, GBTC, has already existed for a decade—a whopping $30 billion—which was converted into a spot Bitcoin ETF.
In a strange twist of fate, the disgraced crypto exchange, FTX, had a significant holding in GBTC, worth a staggering $1 billion. Earlier this week, Grayscale’s GBTC witnessed a massive outflow, with FTX accounting for a significant part. Its 22 million shares are now down to zero, which is expected to ease selling pressure on Bitcoin and Gayscale’s GBTC.
Still in its early stages, the Bitcoin ETF market is expected to skyrocket. It recently surpassed silver as the second-largest ETF commodity, and more inflows will be seen in the coming weeks.
Ethereum (ETH): ETF Anticipation Continues
Ethereum (ETH) is the second most popular cryptocurrency, behind only crypto’s poster boy, Bitcoin. After the approval of the first spot Bitcoin ETF by the US, attention is now on Ethereum, with optimism high.
In recent crypto news, the US SEC postponed its decision on Fidelity’s Ethereum ETF application to March. With more time seemingly needed to review the application, hope has yet to be dampened.
Ethereum is expected to ride the excitement wave just like Bitcoin did, making it one of the best cryptos to buy now. In order not to miss out on this promising play, you should hold some ETH now ahead of its rally.
Conclusion
FTX’s $1 billion GBTC dump is partly responsible for the dip in the price of Bitcoin. Meanwhile, optimism soars regarding the Ethereum ETF. Additionally, InQubeta is poised to skyrocket after its launch. Follow the link below to become an early adopter.
