GBTC's Big Bitcoin Exodus!

From Trust to Exodus: GBTC's Bitcoin Journey Unveiled

Author

Jungle Degen
January 26, 2024

Greetings Crypto Explorers! 🌴🦜

This week, the jungle drums are thundering about GBTC transforming into an ETF, shaking the treetops with a staggering $2 billion Bitcoin exodus. 🚀🦍 As the crypto landscape evolves, keep your binoculars handy for the latest movements of spot Bitcoin ETFs and the ripples they create. We'll also touch upon Mt. Gox's Bitcoin repayments, Florida's tax haven status, and the latest SEC sagas, but for now, let's dive into the thick of it and roar with the big news that's got the jungle buzzing! Stay tuned for more tales from our lush crypto canopy.

As always… Stay Wild! 🌿🦁🚀

🦍 The Big Jungle Roar

This week's monumental event that shook the crypto-jungle. Roar with us!

FTX Sold About $1B of Grayscale's Bitcoin ETF, Explaining Much of Outflow: Sources

www.coindesk.com/business/2024/01/22/ftx-sold-about-1b-of-grayscales-bitcoin-etf-explaining-much-of-outflow-sources

Crazy times in the crypto canopy! GBTC just morphed into an ETF and the vines are shaking. Over $2 billion in Bitcoin bailed out of the Grayscale Bitcoin Trust since it got its ETF wings earlier this month. 💸

The big beast making moves was FTX's bankruptcy estate, ditching a whopping 22 million shares. That's nearly $1 billion worth of jungle green!

While new spot Bitcoin ETFs (think BlackRock and Fidelity) are gathering a troop of investors, GBTC saw a stampede out since it's been around for a decade as a less shiny closed-end fund.

But hey, even with Bitcoin's price taking a dive post-ETF approval, hope isn't lost. FTX has finished offloading its GBTC stash which could mean less downward pressure on our beloved BTC. 📉➡️📈

FTX was playing the arb game, snatching up GBTC shares when they were cheap compared to the actual Bitcoin they're based on. They held shares in other Grayscale trusts and even some Bitwise action, all through a broker now called Marex.

Galaxy Digital, the crypto trading wizard helping sell off FTX's treasure, is keeping mum, same with Marex. And Alameda? They just backed out of a lawsuit accusing Grayscale of high fees. 🤫⚖️

Keep your eyes peeled, jungle crew. The crypto world is wild, but that's just how we like it! 🌿💥

👨‍⚖️ More on the Grayscale ETF ouflow:

🦁 King of the Crypto Jungle

Unleashing the top beasts of this week's crypto news. Beware, it's a wild ride!

🐒 Meme Monkeys

Hopping onto the funniest and savviest crypto memes that swung through the jungle this week.

🦜 Jungle Mystery of the Week

Can you solve our crypto-themed riddle? The answer lies hidden deep within the jungle. Share your guesses on Twitter and tag us! (we may gift someone some crypto 👀)

Deep within the untamed thicket of the cryptocurrency jungle, amid the dense foliage where the buzz of speculation is as incessant as the chirping of cicadas, lies a riddle wrapped in the enigma of the markets. This elusive beast, known to sway fortunes with the grace of a panther pouncing on its prey, is revered by some and feared by many. It moves with the mysterious rhythms of the jungle, as unpredictable as a tropical storm yet as natural as the rising and setting sun over this digital domain. Its whispers can elevate the humblest coin to the canopy's heights or send it plunging into the depths of the underbrush without warning. What is this capricious force that dances with the flames of risk and reward, leaving a trail of upheaval in its wake?

🦩 Tweets from the Jungle

Check out these wild crypto tweets that have made it to the jungle!

🐊 Crypto Swamp Watch

  • Bitcoin (BTC) - $41,952.75 (0.32%)

  • Ethereum (ETH) - $2,253.30 (-9.55%)

  • Top Gainer: Manta Network (+38.74%)

  • Top Loser: Ordi (-14.65%)

    Snapshot taken on the 26th of January, around 1:50pm, Jungle time.

🍍 Jungle Poll Parrot

Join our parrot's poll! This week's squawk…

How do you think GBTC's big sell-off will sway the crypto jungle?

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🐯 Jungle Snapshots

Our grand finale - Jungle madness, guaranteed wilder than any pump and dump. Enjoy, you crypto beasts!

we always play

👋 That's all for this issue of Jungle Tales! As we part ways, let's remember the wise words of a crypto degen:

In the verdant expanse of the crypto jungle, where shadows cast by towering doubts can cloud the sunlit paths of prosperity, the wise crypto degen knows to look beyond the immediate canopy of fear. With a heart as intrepid as the explorers of old, they understand that the untamed wilderness of digital assets is fraught with uncertainties that rustle like leaves in a tempest. Yet, amidst this ever-changing terrain, they plant the seeds of conviction in the fertile soil of research and nurture them with the waters of experience. For it is not the absence of doubt that emboldens the spirit, but the courage to face it, to tread with purpose through the undergrowth of skepticism, and to emerge into clearings of opportunity with the roar of confidence echoing in their stride.

Don't forget to share our newsletter with your fellow crypto adventurers, and follow us on Twitter X.

Until next time, keep exploring the wild world of crypto!

Pura Vida,

Jungle Degen

JUNGLE WARNING: Hear me, ye dauntless navigators of the crypto wilderness. This parchment holds no keys to monetary splendor. Consider it more of a cryptic map of the jungle, teeming with teachings, not a treasure chest marked with an 'X'. It neither mutters veiled secrets of investment, nor beckons you to swap your prized assets or enact any fiscal transactions. In this unpredictable crypto habitat, caution is your most trusted ally, and your own robust investigation, the steadfast compass. Equip yourselves with the shield of wisdom, as you traverse the intricate network of paths. Remember, swift success is often a false trail; it is through enduring patience, adroit maneuvering and careful strategy can you navigate this mysterious landscape. The jungle is vast and filled with enigmatic conundrums; let your own diligent research be the torch that dispels shadows. Don't be lured by the glimmering illusion of quick profits, but bend your will to the pursuit of genuine understanding. Keep your wits about you and eyes wide open on this crypto-quest. To cut a long story short, this is NOT financial advice. Safe travels, crypto explorers!hapcan xXxxxxxx