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A recent capital outflow from Grayscale’s Bitcoin Trust (GBTC) has industry experts worried about a potential supply shock on the horizon.
Grayscale’s Bitcoin Situation
Grayscale has been a major player when it comes to institutional investment in Bitcoin. GBTC trusts have been a popular tool for large capital exposure to cryptocurrencies. However, the tide seems to be turning. A record outflow of $326 million from GBTC on March 19th has sent shockwaves through the crypto community.
At this rate of outflow, Grayscale’s Bitcoin reserves could be depleted by the end of July. This means there could be a significant decrease in the current Bitcoin supply and potentially lead to price increases if the outflows continue.
Now, before you hop into the Batmobile and become Bitcoin’s Bruce Wayne, it is important to remember that this is just a piece of the puzzle. The wider market sentiment and adoption by mainstream institutions will ultimately determine Bitcoin’s future trajectory.
Galaxy Fox: A New Meme Coin
As the Bitcoin saga continues, the ICO of Galaxy Fox is also reportedly gaining attention. With a memorable name and a limited supply of 5 billion coins, the coin is allegedly the cheapest crypto that can currently be purchased, in the tenth and final stage of its presale.
So what exactly makes Galaxy Fox enticing? The team lists the following:
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