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Grayscale Bitcoin Trust Faces $21 Billion Outflow Amid Spot Bitcoin ETF Surge

Since its launch on January 11, the Grayscale Bitcoin Trust (GBTC) has seen outflows exceeding $21 billion, making it the only spot Bitcoin ETF in the U.S. with a negative net investment flow. As of December 16, GBTC’s total outflows reached $21.045 billion, with the trust losing an average of $89.9 million daily over the past 11 months, according to Farside Investors. While 10 other spot Bitcoin ETFs in the U.S. maintain positive net flows, GBTC’s massive outflows surpass the total inflows of nine of these funds combined. The nine newer funds, including the Fidelity Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF, and Invesco Galaxy Bitcoin ETF, have collectively attracted $20.737 billion since their launch. In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) has significantly bolstered the market. IBIT alone has brought in $35.883 billion, with daily inflows averaging $153.3 million since its debut. Despite GBTC’s challenges, the spot Bitcoin ETF market has surged, reaching $35.5 billion in total investments within the year. Grayscale’s Ethereum Trust ETF (ETHE), launched on July 23 alongside eight other spot Ether ETFs, is also experiencing substantial outflows. ETHE has lost over $3.5 billion in under six months, following a trend similar to GBTC. Meanwhile, other Ether ETFs have posted positive inflows, led by BlackRock’s iShares Ethereum Trust ETF (ETHA) with nearly $3.2 billion in investments and Fidelity Ethereum Fund (FETH) with $1.4 billion. These developments highlight contrasting investor sentiment, as BlackRock continues to dominate the market while Grayscale faces significant investment challenges.

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Floki Expands Presence in UAE as Sponsor of the 2024 World Tennis League

Miami, Florida, December 16th, 2024, Chainwire Floki is set to make its mark at the 2024 World Tennis League (WTL), one of the most exciting mixed-gender exhibition tennis tournaments in the world. Held at the Etihad Arena in Abu Dhabi from December 19 to December 22, this year’s event combines world-class tennis with live music, set to captivate millions of fans worldwide. The 2024 WTL boasts a roster of top-ranked athletes, including: Aryna Sabalenka, Iga Swiatek, Jasmine Paolini, Casper Ruud, Nick Kyrgios, Simona Halep, Stefanos Tsitsipas, Paula Badosa, Andrey Rublev, Elena Rybakina, Caroline Garcia, Mirra Andreeva, Jordan Thompson, Sumit Nagal, Alexander Shevchenko and Denis Shapovalov. These players have been assigned to 4 different teams — Kites, Eagles, Falcons and Hawks — as part of an all-play-all game format. Floki’s brand will be prominently displayed throughout the tournament. Branding will feature courtside next to the tramlines and across all digital collateral including LED boards, big screens, and backdrops. The partnership aims to position Floki with a global audience that exceeded 46.4 million during last year’s event. The evenings will transform the Etihad Arena into a concert venue, featuring live performances by Bryan Adams, Akon, Anastacia, and Sean Paul. This year’s WTL will be broadcast live on Sony TV and an extensive network of global broadcast partners, ensuring Floki reaches tennis fans worldwide. About the World Tennis League Now in its third edition, the World Tennis League has earned a reputation for its innovative format, blending elite-level tennis with a festival atmosphere. The third edition of the WTL is set to take place from December 19–22, 2024, at the Etihad Arena in Abu Dhabi, UAE, a premier venue that hosts world-class events. The tournament attracts top-tier tennis talent and millions of fans worldwide, making it a marquee event in the international sports calendar. About Floki Floki is the people’s cryptocurrency and utility token of the Floki Ecosystem. Focused on utility, community, philanthropy, and strategic marketing, Floki is working toward becoming the world’s most recognized and used cryptocurrency. With over 490,000 holders globally, Floki has already established a strong brand presence. Users can learn more at floki.com . YouTube | Telegram | Instagram | TikTok | Discord | Facebook | Reddit | Twitch | Valhalla Contact Community Relations Officer Pedro Vidal FLOKI Marketing@floki.com CryptoIntelligence

$The stablecoin market has experienced remarkable growth in 2024, driven by rising cryptocurrency adoption and a surge in institutional participation. All eyes are now on Ripple’s newly approved stablecoin, Ripple USD, a.k.a. RLUSD. But Ripple’s Chief Technology Officer, David Schwartz, addressed concerns over potential price anomalies for the asset as it prepares to launch. Speculative Hype Around RLUSD Unnecessary In a detailed statement on X, Schwartz explained that while Ripple USD (RLUSD) is designed to maintain a stable $1 peg, there could be temporary price fluctuations due to supply shortages during the initial launch phase. His comments were prompted by reports of RLUSD displaying an exorbitant price of $1,200 per unit on the Xaman trading platform, which stirred concerns within the crypto community. Schwartz clarified that such inflated prices likely stem from speculative behavior or individuals seeking the “honor” of acquiring the first fraction of RLUSD on decentralized exchanges. However, he stated that these aberrations are unsustainable and will likely be corrected quickly by arbitrage activities, restoring the stablecoin to its intended $1 value. The exec urged potential buyers to avoid succumbing to FOMO’s warning that RLUSD is not a speculative opportunity but a tool for stability in cross-border payments. He stressed that the essence of a stablecoin is price stability, and any deviations from the peg, especially at launch, should not be misinterpreted as lasting trends. “Please don’t FOMO into a stablecoin! This is not an opportunity to get rich.” Last week, Ripple CEO Brad Garlinghouse announced that RLUSD received final approval from the New York Department of Financial Services (NYDFS) and would soon debut, primarily targeting institutional players. RLUSD will play a crucial role in Ripple’s cross-border payment solutions, working alongside XRP to enhance liquidity and efficiency for global transactions. New Players in Stablecoin Space With a total market value of $211 billion, the stablecoin market is rapidly expanding as adoption grows. The San Francisco-based company is entering a space dominated by Tether’s USDT and Circle’s USDC, which have market caps exceeding $140 billion and $42 billion, respectively, according to CoinGecko. Ripple, however, sees an opportunity in the competition as it looks to position itself as a credible player capable of carving out market share. Schwartz, for one, had earlier predicted the stablecoin sector could exceed $2 trillion in value by 2028. The market’s potential has also attracted major fintech players like PayPal and Robinhood . The post Ripple CTO David Schwartz Warns Against RLUSD FOMO Amid Launch Speculation appeared first on CryptoPotato .$

Ripple CTO David Schwartz Warns Against RLUSD FOMO Amid Launch Speculation

The stablecoin market has experienced remarkable growth in 2024, driven by rising cryptocurrency adoption and a surge in institutional participation. All eyes are now on Ripple’s newly approved stablecoin, Ripple USD, a.k.a. RLUSD. But Ripple’s Chief Technology Officer, David Schwartz, addressed concerns over potential price anomalies for the asset as it prepares to launch. Speculative Hype Around RLUSD Unnecessary In a detailed statement on X, Schwartz explained that while Ripple USD (RLUSD) is designed to maintain a stable $1 peg, there could be temporary price fluctuations due to supply shortages during the initial launch phase. His comments were prompted by reports of RLUSD displaying an exorbitant price of $1,200 per unit on the Xaman trading platform, which stirred concerns within the crypto community. Schwartz clarified that such inflated prices likely stem from speculative behavior or individuals seeking the “honor” of acquiring the first fraction of RLUSD on decentralized exchanges. However, he stated that these aberrations are unsustainable and will likely be corrected quickly by arbitrage activities, restoring the stablecoin to its intended $1 value. The exec urged potential buyers to avoid succumbing to FOMO’s warning that RLUSD is not a speculative opportunity but a tool for stability in cross-border payments. He stressed that the essence of a stablecoin is price stability, and any deviations from the peg, especially at launch, should not be misinterpreted as lasting trends. “Please don’t FOMO into a stablecoin! This is not an opportunity to get rich.” Last week, Ripple CEO Brad Garlinghouse announced that RLUSD received final approval from the New York Department of Financial Services (NYDFS) and would soon debut, primarily targeting institutional players. RLUSD will play a crucial role in Ripple’s cross-border payment solutions, working alongside XRP to enhance liquidity and efficiency for global transactions. New Players in Stablecoin Space With a total market value of $211 billion, the stablecoin market is rapidly expanding as adoption grows. The San Francisco-based company is entering a space dominated by Tether’s USDT and Circle’s USDC, which have market caps exceeding $140 billion and $42 billion, respectively, according to CoinGecko. Ripple, however, sees an opportunity in the competition as it looks to position itself as a credible player capable of carving out market share. Schwartz, for one, had earlier predicted the stablecoin sector could exceed $2 trillion in value by 2028. The market’s potential has also attracted major fintech players like PayPal and Robinhood . The post Ripple CTO David Schwartz Warns Against RLUSD FOMO Amid Launch Speculation appeared first on CryptoPotato . CryptoIntelligence