[Weekly review] Sources: FTX bankruptcy agency sold about $1 billion of Grayscale Bitcoin ETF; Alameda Research has withdrawn lawsuit against Grayscale; US government will sell $130 million worth of bitcoin linked to Silk Road agents

Here's a recap of the week's top news stories:

[Source:FTXBankruptcy agency sold approximately $1 billion in grayscaleBitcoinETF】

Comparing news,CoindeskSources were quoted as reporting that since the Bitcoin ETF was approved, the price of Bitcoin has dropped, of which FTX has sold 22 million Grayscale sharesGBTCStocks, a large portion of which are outflows of capital, are worth close to $1 billion.

Like many large cryptocurrency trading entities, FTX takes advantage of the difference between the price of Grayscale Trust shares and the underlying net asset value of Bitcoin in the fund. As of October 25, 2023, FTX held 22.3 million GBTC, according to a filing filed on November 3, 2023. Based on the January 11th closing price, these GBTC values rose to around $900 million.

【Alameda Research[Lawsuit against Grayscale has been withdrawn]

Comparing news, a court document on Monday showed that FTX affiliate Alameda Research has withdrawn the rightGrayscaleInvestments' lawsuit alleging that Grayscale sought benefits at the expense of shareholders.

Alameda reportedly filed a lawsuit in the Delaware state court in March last year, accusing Grayscale of charging high fees and refusing to allow investors to redeem their shares from two trusts focused on cryptocurrencies.

In the USSECFollowing approval to convert its existing Grayscale Bitcoin Trust Fund into an ETF, GBTC began as an exchange-traded fund earlier this monthNYSE ArcaMake a deal. A spokesman for Du said, “Alameda Research's voluntary withdrawal of the lawsuit highlights Grayscale's position that this legal action has no basis at all.”

【Core ScientificIt will return to NASDAQ, and trading is scheduled to resume on Wednesday morning]

Comparative news, according to CNBC,BitcoinMiner Core Scientific has completed the restructuring process and re-listed on NASDAQ, and trading is scheduled to resume Wednesday morning.

Core operates in five US states, mining bitcoin and other cryptocurrencies: Texas, North Dakota, Georgia, North Carolina, and Kentucky. Instead of liquidating, Core continued to operate and reached an agreement with senior securities note holders who held most of the company's debts. The restructuring plan announced on Tuesday has cut $4 billion in debt from Core's balance sheet.

[The US government will sell $1.3 billion worth of goods relating to Silk Road agentsBitcoin】

Comparing news, the US government submitted a notice that it will sell more than $1.3 billion worth of bitcoin linked to Silk Road agents. The announcement listed two batches of bitcoins the government plans to sell. The first batch was around 2,800 BTC worth around $129 million, and the second smaller batch, 58 BTC, was worth around $3 million.

These bitcoins are linked to Ryan Farace, who was jailed for 54 months last year in Maryland for conspiring to launder money. The first batch of bitcoins was also linked to Shaun Bridges, a former Secret Service agent and a member of the Baltimore Silk Road Task Force. In 2015, Bridges was sentenced to six years in prison for stealing bitcoins during the US government's investigation into the dark Silk Road market.

【J.P. Morgan StreetAnalysts:GBTCProfit take-back is basically over, and Bitcoin's downward pressure is limited]

Comparing news, J.P. Morgan analysts expect that since GBTC's profit take-back has basically come to an end, there is limited room for further decline in Bitcoin. After the US approved a spot Bitcoin ETF, the price of Bitcoin fell by more than 20% in the past two weeks. Analysts said that the cashing out of GBTC investors' profits led to a drop in the price of Bitcoin, but the worst seems to be over.

Despite the positive outlook, analysts warned that if GBTC's 1.5% fee is not reduced soon, the fund could experience continued capital outflows and lose market share to competitors.

Finally, the analyst concluded that GBTC's plan to launch a bullish ETF, if approved, would boost the fund and the Bitcoin derivatives market.

【BlackRockIn stockBitcoinETF asset management reached 2 billion US dollars for the first time]

In comparison, BlackRock's Spot Bitcoin ETF (IBIT)'s asset management scale exceeded 2 billion US dollars, making it the first ETF among nine new products of its kind to reach this scale (not including grayscale)GBTC). Investors increased their capital to IBIT by around $1.7 billion on Thursday, and the fund bought nearly 4,300 more bitcoins, bringing the total number of tokens held to 49,952. With Bitcoin rising above $40,000 early Friday, IBIT's asset management has surpassed $2 billion.

The next fund to break the $2 billion mark is likely to be Fidelity's Wise Origin Bitcoin Fund (FBTC). As of January 25, the fund held slightly less than 44,000 bitcoins.

[Placeholder Partner: BTC may test the $20,000 central region before breaking through an all-time high]

Comparative news, former head of crypto at Ark Invest and partner of venture capital firm PlaceholderChris BurniskeIt said that Bitcoin could drop down to $30,000 to $36,000, and he wouldn't be surprised if it tested the $20,000 mid-high area before finally moving to a new all-time high.

Chris Burniske said that there seem to be many uncertainties at the macro level. New product innovations are coming, but they are not yet fully in place, and investors need to be patient. He concluded, “I never said that I am mainly reducing risk, more counting my bullets and sharpening my blades.”

[JanuaryEthereum[Options trading volume hits a record high]

Comparing news,The BlockAccording to the data, although there are still 5 days left until the end of January, Ethereum options trading volume on major crypto derivatives exchanges has reached a record high of 17.9 billion US dollars.

Over the past 24 hours, the price of Ether has increased by nearly 2% and is currently changing hands at $2,249.

Author: BitPushNews Katie Lin

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