Bitcoin’s price hovers around $40,000, failing to reclaim the $40,400 support level. This ongoing negativity is linked to the upcoming Federal Reserve meeting, where the Fed is expected to explain its cautious stance following recent data. In the world of cryptocurrencies, there have been significant developments.
Bitwise, a Spot Bitcoin ETF issuer, has shared the Bitcoin address it holds for transparency, also engaging in numerous donations and acquiring ordinals. Grayscale Bitcoin Trust experienced its lowest outflow since its launch on January 11, with a withdrawal of $429 million on January 24, signaling a potentially positive trend.
Bitwise’s disclosed wallet contains 6,083 BTC and over 16,000 inscriptions, including two RSIC airdrops, a Bitcoin Punk, a Bitcoin Burials, a Quadkey, and others. The account also holds thousands of BRC-20 tokens.
Grayscale Bitcoin Trust (GBTC) outflows have slowed down over two days, and a continuation of this trend could be encouraging for investors. While inflows continue into other ETFs, GBTC’s reserve issuer, excluding GBTC, has reached 121,483 according to Lookonchain data.
Cornerstone Research reports an increase in crypto-related cases by the SEC under the current administration, with 46 enforcement actions against crypto firms in 2023 alone, more than double the number in 2021. The SEC continues to engage with major crypto companies like Binance, Coinbase, Kraken, and Ripple.