BTC Falls Amid Potential GBTC Redemptions, Larry Fink Targets ETH ETF Next
Jan 12, 2024
Market Update The cryptocurrency market is currently experiencing a downturn, falling 3% overall. Ethereum and select ecosystem projects are bucking the trend, with $ETH relatively flat in the last day, trading 0.2% lower at ~$2.6k and hitting a two-month high against Bitcoin as ETHBTC reaches 0.059. Outperformers in the top 100 include ETH NFT marketplace $BLUR (+8.7%), layer-two $OP (+6.8%), and ETH domain service $ENS (5.2%). In contrast, $BTC is noticeably underperforming, dropping by 5.7% to $43.4k following the debut of eleven Bitcoin ETFs. The first day of trading saw an extraordinary
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