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BTC and ETH Reverse Fortunes

Crypto declines with Ethereum leading the way.

Jack Inabinet
Jan 27, 2024 • 1 min read

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Up and down. Crypto markets got off to a bloody start this week, with the total crypto market cap (TOTAL) declining 9%, but tokens have finished it off strong, paring back those weekly losses to just under 2%. How are different crypto sectors recovering?

While outflows from Grayscale’s Bitcoin Trust (GBTC) continue to mount, surpassing $4.7B this week with no clear end in sight, max pain may be in for Bitcoin holders – at least in relation to those of other tokens. Bitcoin dominance set a local bottom on January 14 and is up 1.3% on the week.

Update for day 10 of the #Bitcoin ETF Cointucky derby. Volumes and flows are both slowing down a bit. Another slight negative day on flows. Total net flows stand at +$744 million. $IBIT likely crosses 2 billion in assets today pic.twitter.com/apSLYRT6Vp

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.