From Flood to Trickle: GBTC’s Outflow

Grayscale’s recorded its lowest daily outflow since becoming an ETF, with just $44.2 million on February 23. 💧

The decrease in outflows marks a potential turning point for GBTC, which has experienced a total of $7.4 billion in outflows to date. In contrast, other funds like Blackrock and Fidelity have seen substantial inflows, totaling $6.6 billion and $4.7 billion, respectively.

However, the landscape for GBTC remains challenging, as a recent bankruptcy court decision has authorized the sale of $1.3 billion in GBTC shares by the bankrupt lender Genesis to repay its creditors but Digital Currency Group (DCG, Grayscales’ parent), is contesting the decision. DCG’s objection centers on the valuation method for Genesis creditors’ claims, advocating for a valuation based on crypto prices at the time of the bankruptcy filing. 📉

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One Way To Use Stocktwits’ Social Data Tools

Have you ever heard the phrase ‘volume precedes price’? It’s an old-school technical analysis 101 maxim. For example, if an instrument is in a downtrend but then you start to see volume tick up, the theory is that price will follow the volume. 🧑‍🎓

It’s what technical analysts call a leading indicator—a heads-up or a warning that the probability of change is high and that it might happen soon. Analysts and traders might apply that principle (volume precedes price) to the Stocktwits Social Data. 

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NFTs R Back?

Not much needs to be said here for this newsworthy event. 🤦‍♂️

Straight from the Gurg himself:

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Technically Speaking – March 8, 2024

I’ll keep the details short and simple here because time is running out, and if I’m not done on time for pizza night with the kids, my wife will be very mad. 🍕

I almost wrote she’d kill me, but if I did that, there’d probably be a SWAT team and an army of social workers making sure I’m ok.

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