Bitcoin (BTC) may not move much on Monday, but a number of altcoins are flying.
Bitcoin price has barely moved in the last 24 hours. ET on Monday morning, with a change of less than 1% and trading at $43,234 per coin, according to CoinGecko.
But the largest cryptocurrency by market capitalization was the main focus of large investors last week, according to a new Monday CoinShares report.
The report said, “Digital asset investment products recorded a large inflow last week totaling $708 million, bringing the annual inflow to $1.6 billion and total global assets under management reaching $53 billion,” and pointed out that 99% of the total inflow was BTC. did. Related.
But there are signs that there may be some turbulence on the horizon.
On Friday, bankrupt cryptocurrency company Genesis told a court it wanted to sell $1.4 billion worth of Grayscale Bitcoin Trust (GBTC) stock. GBTC’s recent conversion from a closed-end fund for accredited investors only to an in-kind Bitcoin ETF means that all previously locked-up shares can now be sold.
If Genesis gets permission to sell from a bankruptcy judge, that could mean the GBTC buyback could put more selling pressure on it. Approximately $5.7 billion worth of GBTC stock was sold last month. This is one of the reasons why the hype surrounding the SEC Bitcoin ETF approval evaporated not long after trading began.
Monday’s biggest winner so far is Chainlink (LINK), which is trading at $19.53, up 8% in 24 hours. Over the past seven days, the 11th largest digital asset is up nearly 36%.
Late last week, blockchain analytics firm Santiment noted in a report that some previously dormant LINK holders had recently become active.
Sui (SUI), a layer 1 blockchain platform developed by former meta engineers, also jumped nearly 8%. The current price is $1.61.
Other major coins and tokens, such as Ethereum (ETH), are behaving normally. ETH is up just 1% over the past day and is trading at $2,319.
Solana (SOL) has fallen 2% in 24 hours, falling back below $100 per coin and launching at $95.55.
Edited by Stacey Elliott.
