In the first few weeks after spot Bitcoin ETFs were approved, there was a massive exodus of funds from Grayscale. As the largest Bitcoin ETF, the exit of funds shook the crypto market, sparking a 20% price decline that would see $BTC trade as low as $38,700.
However, in the past few weeks, the funds from Grayscale have been drying up, with investors turning to other spot ETFs. This has resulted in the price of BTC increasing above $51,500 for the first time in more than two years.
With Bitcoin on the rise, many of the best altcoins in the market have turned bullish, pushing the global crypto market cap above $1.92 trillion. Let’s find out how the declining interest in Grayscale’s GBTC would affect $BTC and the rest of the crypto market.
Grayscale Deposits Drying Up, How High Will It Push $BTC?
In the first two weeks of its approval, Grayscale recorded outflows that eclipsed $5 billion. However, on-chain data has shown that there has been a steady easing of outflows from GBTC, which has supported optimistic sentiment and lessened selling pressure.
With Grayscale’s Bitcoin Trust (GBTC) excluded, spot Bitcoin ETFs have amassed more than $11 billion in value. This has returned bullish sentiment to the market, with the price of Bitcoin moving above $51,500 for the first time in more than two years. After clearing the major resistance at $50,000, $BTC has now turned its sight to the $60k level.
One further thing that makes Bitcoin one of the best cryptocurrencies to buy is the impending halving event. Gryphon Digital Mining CEO Rob Chang believes that April’s halving event would propel the price of $BTC to $100,000, making it the greatest cryptocurrency for novices.
Because the incentive for miners who add blocks to the network will be halved after the event, lowering the inflation of $BTC, there is a lot of excitement surrounding the Bitcoin halving. This might also reduce selling pressure because it eliminates half of the available supply of $BTC for purchase.
Galaxy Fox ($GFOX) Taps Halving Excitement, Surges To New ATH
In the past few weeks, Galaxy Fox ($GFOX) has been one of the best altcoins in the market, increasing by 230%. This massive price increase has caused $GFOX to set a new all-time high at $0.002178. However, the ERC20 coin looks to tap the growing positive sentiment in the crypto market further and could soar by up to 50x.
This bullish prediction is due to the upcoming launch of the Galaxy Fox ecosystem. In the coming weeks, Galaxy Fox will be debuting its one-of-a-kind project that seamlessly blends the meme coin culture into an exciting blockchain game.
This means that users are not only treated to a fun, immersive game but also rewarded for the time they spend in this Web3 runner game. In anticipation of its launch, over 2.66 billion $GFOX tokens have been snapped up, making Galaxy Fox one of the best ICO presales. It is this high demand that could drive the price of $GFOX to the bullish forecasts experts have given.
In Summary
The bullish Bitcoin tone has been set by the GBTC’s decreasing liquidity and outflows. Less than 70 days remain until the much awaited halving event, and analysts in the market are predicting that $BTC may rise to $100,000.
One of the best altcoins hoping to benefit from this is Galaxy Fox. One of the best cryptocurrencies to buy before the market rally is $GFOX, as market analysts have predicted a possible 50x rally for the cryptocurrency due to its increasing momentum ahead of its launch.
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