How long can GBTC keep dumping Bitcoin? 🥟
At this rate, they will run dry in 96 days. BlackRock's ETF could flip GBTC in Bitcoin holdings within 3 weeks. Why did Vitalik leave X? Base TVL hits $2.13B. EU crypto wallet ban? Not quite true.
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Grayscale's Bitcoin Trust (GBTC) has had a Bitcoin fire sale.
All throughout the Bitcoin spot ETF lifecycle. Now?
It could run dry in just 96 days.
BlackRock could flip GBTC.
What's the leak?
Investors are pulling their Bitcoin out of GBTC at an alarming rate.
GBTC charges a hefty 1.5% fee.
New Bitcoin ETFs with lower fees are luring investors away.
GBTC's Bitcoin holdings have plummeted from 620,000 to 347,587 - a drop of over 260,000.
Outflows are averaging 25,900 Bitcoin per week.
Is there a lifeline?
Grayscale is scrambling to plug the leaks with:
They're considering lowering the fee.
Exploring smaller, cheaper investment options to attract new blood.
Grayscale CEO Michael Sonnenshein.
"We have seen this in countless other exposures, countless other markets, you name it, where typically when products are earlier in their lifecycle, when they're new to be introduced, these [fees] tend to be higher. And, as those markets mature, and as those funds grow, those fees tend to come down, and we expect the same to be true of GBTC."
BlackRock to Steal the Crown Away?
In just three weeks, BlackRock could become the world's biggest institutional Bitcoin hoarder.
BlackRock's ETF is gobbling up Bitcoin at an alarming rate, averaging a cool $274 million a day - Translates to 4,120 new Bitcoins joining every 24 hours.
If these trends hold, BlackRock will surpass Grayscale in total Bitcoin holdings by April 11th.
Meanwhile, Bitcoin has been flexing this week, bouncing back from a weekly low of $61K. Now at $67K.
Block That Quote 🎙️
Elon Musk.
"Why did he leave?"
Musk wants to know: Why did Vitalik leave X (formerly Twitter)?
Where'd Vitalik Go? Farcaster
Why did he go? Possibly this👇
Farcaster has been on a roll. Their launch of "Frames" (interactive mini-apps) boosted user activity and revenue. They even added support for Solana addresses.
Crypto Chaos This Week
Judge Throws the Book at SBF (Maybe): After 15 months, Sam Bankman-Fried's trial concludes this Thursday with sentencing. Prosecutors want 40-50 years, while SBF seeks 6 years. Judge Kaplan holds the gavel.The infamous "Unabomber prosecutor" is now investigating FTX's law firm.
Token Unlocks: A flood of new tokens hitting the market. Optimism and dYdX are leading the charge, unlocking a combined $200 million worth of tokens.
Unlocking Numbers
March 29 - L2 Network Optimism - 24.16 million tokens - 91.5 million
March 31 - DEX dYdX - 33.33 million tokens - $110 million
March 27 - Gaming community Yield Guild Games - $16.7 million
March 27 - Decentralised AI service SingularityNet - $9.3 million
March 30 - Blockchain gaming platform Echelon Prime - $37.5 million
March 30 - L1 network Sui - $6 million
Core PCE Price Index release: On March 29th, the US will announce the annual inflation rate based on the core PCE price index for February.
This data is closely watched by the Federal Reserve as it guides monetary policy decisions.
In the Numbers 🔢
$2.13 billion.
Base TVL (total value locked).
Coinbase's Layer-2 network is on fire. TVL has doubled in just a month.
Base hit $1 billion TVL in February, 226 days after launch.
It then rocketed to $2 billion in just 25 days (March 23rd).
Memecoin enthusiasts believe Base could steal Solana's memecoin crown.
EU Crypto Wallet Ban? Not Quite True.
There were reports of a complete ban on anonymous crypto transactions, but that's not the case.
What's true? EU backtracks on Crypto wallet limits, protects self-custody.
The European Union (EU) has removed a controversial proposal from its new anti-money laundering (AML) laws.
This proposal would have limited transactions from self-custody crypto wallets, where users hold private keys, to just $1,000.
The Surfer 🏄
PUNDU, a meme coin launched just days ago, raised over $100 million in its presale. The overwhelming response surpassed the target, forcing refunds for late contributors. Solana's presale alone exceeded its hard cap.
A UK court found Jian Wen guilty of using Bitcoin to launder $2.5 billion. This marks the UK's biggest crypto seizure.
Comedian Kevin Hart's Bored Ape Yacht Club NFT (#9258) sold for roughly $46,200 (13.26 ether) on March 25th - a steep decline from the original purchase price of $200,000 (79.5 ether) in January 2022.
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