NUGGETS OF ALPHA
Day 11 experienced $16M+ of inflows into the ETFs despite $254M of drainage
$5.8B has been pumped into the new BTC ETFs, and over 144,563 Bitcoin
Solana's daily active addresses surpassed Bitcoin by over 1.1 million yesterday
SEC delayed the BlackRock ETH ETF decision - yet some believe May 2024 is launch date
U.S. government plans to sell $118M Bitcoin
ETH is down 10%
Solana was flat
Bitcoin +0.56%
Ethereum -8.72%
Overall, it was a mixed week for altcoins
2024 has been a very interesting year due to the BTC ETF. We will cover the latest ETF developments and how they impact Bitcoin.
ARK is trending up because Cathy Wood is allocating a lot of their funds into their own Spot Bitcoin ETF (~$60M).
The key trend we are following is the drainage from GBTC, which is reversing course.
Day 11 experienced $16M+ of inflows into the ETFs despite $254M of drainage from Grayscale.
Over 20% of the Grayscale holdings are gone in 11 days. Overall, 18,570 BTC of net gain into funds. Not only did the new ETFs absorb the 126K dumped by GBTC, but they
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