Bitcoin (BTC) may not be moving much on Monday, but a number of altcoins are flying.
The Bitcoin price has barely budged in the past 24 hours. Monday morning Eastern Time it had moved by less than 1% and was trading for $43,234 per coin, according to CoinGecko.
But last week, the biggest cryptocurrency by market cap was the main focus of big investors, according to a new Monday CoinShares report.
“Digital asset investment products saw large inflows totaling $708 million last week, bringing year-to-date inflows to $1.6 billion and total global assets under management to $53 billion,” the report said, noting that 99% of all the inflows were BTC-related.
But there are signs that there could be some turbulence on the horizon.
On Friday, bankrupt crypto firm Genesis said in a court filing that it wants to sell $1.4 billion worth of Grayscale Bitcoin Trust (GBTC) shares. The recent conversion of GBTC from a closed ended fund only for accredited investors to a spot Bitcoin ETF means that any shares that were previously locked up can be sold.
If Genesis does get the ok to sell from its bankruptcy judge, it could mean there’s yet more selling pressure coming from GBTC redemptions. An estimated $5.7 billion worth of GBTC shares were sold last month—part of the reason that the hype from the SEC Bitcoin ETF approval evaporated not long after trading began.
So far, the biggest winner on Monday is Chainlink (LINK), which is trading for $19.53, an 8% 24-hour rise. Over the past seven days, the 11th biggest digital asset has risen by nearly 36%.
Late last week blockchain analytics firm Santiment noted in a report that some previously dormant LINK holders had recently become active, which gave
Not far behind is Sui (SUI), a layer-1 blockchain platform developed by ex-Meta engineers, which has jumped by close to 8%, too. It’s now priced at $1.61.
Other major coins and tokens, such as Ethereum (ETH), are behaving unremarkably. ETH is up just 1% in the past day, and is trading hands for $2,319.
Solana (SOL) has dropped below $100 per coin again—having dipped 2% in 24 hours—and is coming in priced at $95.55.
Edited by Stacy Elliott.
