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Spot Bitcoin ETFs Witness Unprecedented Outflows
In a surprising twist this week, the spot Bitcoin ETF market experienced significant outflows, primarily influenced by the Grayscale Bitcoin Trust (GBTC). On January 24th, a record high single-day outflow was observed, amounting to a staggering $159 million. Despite these outflows, other ETF products like BlackRock’s IBIT and Fidelity’s FBTC saw inflows, which were insufficient to offset the large sums exiting GBTC.
Silk Road BTC to be Auctioned by US Government
The US government is set to auction off $131 million worth of Bitcoin, previously confiscated from the notorious Silk Road marketplace. This move comes alongside a guilty plea from a Silk Road drug lord who forfeited about $150 million in cryptocurrencies. These events add a layer of complexity to Bitcoin’s market dynamics as recovery efforts are underway.
Terraform Labs Succumbs to Bankruptcy
The aftermath of the Terra ecosystem collapse continues to unfold as Terraform Labs, the company behind it, files for Chapter 11 bankruptcy. This development follows Crypto.com’s decision to delist Terra (LUNA) and hints at an upcoming delisting of Terra Classic (LUNC) from the platform.
Market Trends and Recoveries
Despite the tumultuous events, Bitcoin managed to pull off a recovery, climbing above $42,000 after a dip to a yearly low. This rebound has positively influenced the broader market, prompting a collective upsurge in cryptocurrency prices.
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