Bitcoin briefly drops below 40K, GBTC trading volume slowing, MANTA surges nearly 30%

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Bitcoin Dips Below $40,000 Level

Bitcoin fell to $38,554 on the evening of the 23rd Taiwan time, although it later rose to $40,588, but dropped again to $39,497 on the morning of the 25th, barely holding above the $40,000 level at the time of writing.

BitMEX founder Arthur Hayes previously believed that Bitcoin would undergo a 30-40% correction:

Arthur Hayes: BTFP is Key, Bottom Fishing BTC, SOL, and Doge Memecoins

GBTC Selling Pressure Ends? Trading Volume Continues to Decline

Bloomberg ETF analyst Eric Balchunas pointed out that the trading volume of GBTC has been declining since January 19, which may be a sign of selling pressure exhaustion.

However, some in the community countered, stating that all Bitcoin ETF trading volumes are declining, not just GBTC.

Eric Balchunas stated:

Indeed, the trading volume of other Bitcoin ETFs is declining, and the selling of GBTC will affect the overall trading activity of Bitcoin ETFs.

$GBTC volume down again today.. could be sign of some exhaustion in the selling (same thing happens in stocks, $SPY volume goes up w selling, down w peace). We'll see tonight tho. And I'm only reporting on shares out data sent by their admin to BBG. Only thing you can 100% trust. pic.twitter.com/m9uRs7tBr5

— Eric Balchunas (@EricBalchunas) January 24, 2024

It's Not FTX, DCG Is Actually the Largest Holder of GBTC

Another Bloomberg ETF analyst James Seyffart pointed out that although everyone sees FTX as the largest seller of GBTC, in reality, DCG is the largest holder of GBTC.

He said:

To be honest, if DCG did not participate in this GBTC sell-off, I would be really surprised, and there may be similar situations where other institutions are selling GBTC.

ETH Market Share Slightly Up

According to CoinMarketCap, BTC and ETH have dropped by -6.6% and -12.34% respectively in the past 7 days. Although ETH seems to have a larger drop, the previous statement that "market focus is shifting to ETH" appears to be correct.

Glassnode data shows that since Bitcoin ETF trading started on 1/11, ETH's market share has increased by 2.9%.

Matrixport Analyst: Short-Term Bearish on BTC; ETH Will Quickly Rise to $3,000

Manta Network MANTA Sees Biggest Gain

Among the top 100 by market capitalization, the highest gain is seen in the recently listed MANTA, with a nearly 30% increase in the last 24 hours and a 43.93% increase in the last 7 days.

Binance Launchpool - Manta Network MANTA Attracts 5.8 Billion RMB, Becomes the 10th Largest Chain Just Below Base

Among the top 10 by market value, the highest 7-day declines are seen in AVAX -14.86% and SOL -12.86%.