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Grayscale Investments, the issuer of one of the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US, saw flat revenues in the first quarter of the year due to its decision to maintain fees on its flagship Grayscale Bitcoin Trust ETF (GBTC). Grayscale Exceeds Expectations Despite Outflows According to a shareholder letter from its parent company, Digital Currency Group (DCG), the operator of the Grayscale Bitcoin Trust recorded $156 million in revenue, showing little change from the previous quarter. Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious? Since the GBTC trust’s conversion to an ETF in January, Grayscale has seen outflows of about $17.4 billion as investors appear to have shifted their assets to new, lower-cost funds offered by BlackRock and Fidelity, the leaders in the US ETF race in terms of inflows recorded since January. While GBTC charges a 1.5% management fee, many of its competitors charge less than 0.3%, leading to outflows. In response, Grayscale announced plans in March to seek approval from the Securities and Exchange Commission (SEC) to spin off some of Grayscale’s assets into a new, lower-fee “Bitcoin Mini Trust.” Despite the outflows, the Q1 revenue attributable to GBTC exceeded Grayscale’s expectations. The firm had previously anticipated outflows due to increased competition under the ETF wrapper. Grayscale previously charged a 2% sponsorship fee before the trust was converted. The flat revenue was also attributed to higher average Bitcoin and Ethereum prices and a decrease in assets under management (AUM). In contrast to Grayscale’s performance, all US spot Bitcoin ETFs have witnessed a total net inflow of over $11 billion thus far. However, demand for these ETFs has recently declined amidst tightening financial conditions in the US, where the Federal Reserve (Fed) faces the challenge of addressing persistent inflation. DCG Reports 11% Q1 Revenue Increase Digital Currency Group, founded by Barry Silbert and the parent company of Grayscale, reported an 11% quarter-over-quarter increase in Q1 revenue to $229 million, primarily due to higher asset prices. However, revenue growth lagged behind Bitcoin’s price appreciation, which rose more than 60% during the same period. In its letter, DCG attributed this disparity to lower GBTC sponsor fees, redemptions, and steady mining revenues at its Foundry subsidiary. Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts? Foundry, DCG’s mining subsidiary, experienced a sequential revenue increase of 35%, propelled by staking and equipment sales revenue. Meanwhile, Luno, the company’s crypto exchange subsidiary, witnessed a 46% quarter-over-quarter sales boost, driven by a significant surge in trading volume. At press time, Bitcoin is trading at $62,100 and has recently encountered significant price volatility. These price swings have failed to establish a stable position above crucial price thresholds. Featured image from Shutterstock, chart from TradingView.com

Grayscale Battling Outflows And Lower-Cost ETFs, Q1 Revenue Stays Flat At $156M

Michelle Murphy, 58, from Bedford, Texas, has been sentenced to nine years in federal prison for attempting to hire a hitman using bitcoin to kill her boyfriend’s lover. Charged in September 2023 and pleading guilty in December, Murphy used the dark web to orchestrate the crime, paying $10,510 in bitcoin. The transaction was traced through

Woman Sentenced to 9 Years in Prison for Crypto-Funded Murder-for-Hire Scheme

May features significant events influencing Bitcoin and overall crypto market dynamics. Jerome Powell's upcoming speeches and economic indicators are highly anticipated. Continue Reading: Key Events in May Could Impact Bitcoin and Crypto Market Trends

Key Events in May Could Impact Bitcoin and Crypto Market Trends

A closely followed crypto trader believes that Bitcoin (BTC) and two altcoin projects are gearing up for massive rallies. Pseudonymous analyst Inmortal tells his 213,200 followers on the social media platform X that, based on the historical duration of market cycles, Bitcoin has much higher to go. “We still have room for 500 more green The post Trader Says Bitcoin (BTC), Chainlink (LINK) and One Ethereum Rival Setting Up for Rallies appeared first on The Daily Hodl .

Trader Says Bitcoin (BTC), Chainlink (LINK) and One Ethereum Rival Setting Up for Rallies

Glassnode reports Ethereum lags behind Bitcoin in investor interest. Bitcoin ETF approvals significantly impact market movements. Continue Reading: Insights on Bitcoin and Ethereum’s Current Market Positions

Insights on Bitcoin and Ethereum’s Current Market Positions

Retail trading platform Robinhood has announced that its crypto revenue grew by 232% in the first quarter. Despite this success, Robinhood faces potential enforcement action by the U.S. Securities and Exchange Commission (SEC), alleging that some of the cryptocurrencies offered on its platform are securities. Crypto Drives Robinhood’s Profitable Q1 Retail trading platform Robinhood Markets

Robinhood’s Crypto Revenue Surges 232% Despite Looming SEC Battle

A drop in the price of Bitcoin coupled with reduced mining rewards means fewer miners and a less robust network—for now, at least.

Bitcoin Mining Difficulty Is Plummeting—Here’s Why

Bitcoin did not perform as expected in May, raising valid investor concerns. Despite recent lows, analysts struggle to predict Bitcoin's next direction. Continue Reading: Bitcoin’s Performance and Future Prospects

Bitcoin’s Performance and Future Prospects

BlockDAG’s taken a new leap forward with the release of its latest 26th Development (Dev) Release. With a new era in decentralised finance, BlockDAG unveils its game-changing updates in its latest dev-release. The Dev Release 26 brings a wave of innovation, enhancing network efficiency and scalability. But that’s not all—amid the projections of an impressive The post Shaping Crypto Landscape: BlockDAG’s 26th Dev Release Unveils Game-Changing Updates as Presale Crosses $24.3M appeared first on Times Tabloid - Latest Cryptocurrency News, Bitcoin (BTC) News, Ethereum (ETH) News, Shiba Inu (SHIB) News, Ripple's XRP News .

Shaping Crypto Landscape: BlockDAG’s 26th Dev Release Unveils Game-Changing Updates as Presale Crosses $24.3M

The Bitcoin price has experienced heightened volatility over the past week. After recovering from a low of $56,500, the largest cryptocurrency in the market surged to $65,500 within four days. However, it has since retraced some of its gains and is currently testing the $61,000 support level. Despite this volatility and the absence of strong bullish momentum, venture capital firm Pantera Capital remains optimistic about the future of BTC’s price, citing the recent Halving event as a significant factor. Pantera Capital Projects $117,000 Price Target By 2025 In a recent investor letter, Pantera Capital revealed its Bitcoin Halving rallies model, which predicts a bottoming out of the BTC price followed by a rise through the Halving rally. Based on the average duration of previous rallies, the firm forecasts that BTC’s price will peak at $117,000 in August 2025. The average total duration of this cycle, encompassing pre- and post-Halving rallies, has historically been around 2.6 years, with symmetry observed across cycles. Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts? Pantera Capital highlights the relationship between Halving events and BTC’s price. The firm asserts that if the demand for new Bitcoin remains constant while the supply of new Bitcoin is reduced by half, it will create upward pressure on the price. The anticipation of a price increase has also historically driven increased demand for Bitcoin leading up to Halving events. However, Pantera Capital acknowledges that the impact of each subsequent Halving on price may diminish as the reduction in the supply of new Bitcoin from previous Halvings becomes less significant. Moreover, the firm notes that, on average, the Pantera Bitcoin Fund has nearly doubled in value for eleven years. Based on this historical performance, Pantera Capital envisions a scenario in which the price of Bitcoin reaches $117,000 by 2025. Bullish Bitcoin Price Predictions Renowned crypto analyst Titan of Crypto has recently taken to social media platform X (formerly Twitter) to share bullish predictions for the Bitcoin price. With forecasts ranging from $75,000 to $110,000, Titan of Crypto highlights various factors and patterns that could potentially drive BTC’s growth. According to Titan of Crypto, a price rise to $110,000 for Bitcoin is “programmed.” While the analyst did not elaborate on the specifics of this programming, it suggests a strong conviction in BTC’s potential to reach that level. Titan of Crypto also identifies a current head-and-shoulders pattern in the Bitcoin price chart. If this pattern holds, the analyst suggests that BTC could rise to the $75,000 mark. If confirmed, this pattern could signify a bullish trend reversal and further support the projection of Bitcoin reaching higher price levels. Related Reading: Analyst Narrows Down Timeline For Bitcoin Peak This Bull Cycle The analyst also highlighted $61,500 as a critical point to monitor due to the possibility of “panic selling.” The analyst suggests many market participants might react to this level, potentially increasing selling pressure. Lastly, based on his analysis, the analyst suggests a conservative price prediction of $108,000. However, Titan of Crypto believes that BTC’s price may exceed this projection, indicating a more optimistic outlook. Featured image from Shutterstock, chart from TradingView.com

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