05 Feb 2024

Another bankruptcy sell on the horizon?

The FTX estate's Grayscale selling contributed to the falling prices some weeks ago. Now, Gemini might instigate selling pressure of a similar size. In today's report, we explain the Gemini situation and give you our February market outlook. 
AoC Cover Feb 6 SVG
Ranging and lower volumes
BTC has hovered between $42,000 and $43,000, seeing a weekly return of -1%. The consolidation has been accompanied by diminishing trading volumes in all markets.  
Net flows to ETPs positive or in the balance for seven days straight
The past week has seen net positive inflows of 6,652 BTC to ETPs after softening GBTC outflows and continued inflows to the ‘new 9’ U.S. spot ETFs.GBTC outflows have slowed substantially as predicted, but another bankruptcy estate might put a temporary end to this pattern. 
Possible liquidity event – forced Gemini sales of GBTC
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