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As a mysterious whale transfers 100 billion Shiba Inu tokens, likely for sale, market watchers eye potential impacts on SHIB’s price stability. Simultaneously, Grayscale's cryptocurrency trust may see its outflows dwindle as it competes with lower fee structures, sparking interest in its financial strategies.
Whale Movements Stir Market as 100 Billion SHIB Tokens Sold, Traders Watch for Stability
Shiba Inu experienced increased network activity after an anonymous whale made a large transfer on an exchange, most likely for sale. According to the chain of transactions from a wallet starting with 0x859 (via U.Today), whales have sold 100 billion SHIB tokens. These developments, however, create some concerns, given SHIB's bullish record.
At first glance, such large transactions may agitate the market, perhaps sending prices lower due to increasing selling pressure. However, the SHIB price chart shows a tightening of price movement with a decreasing trend, indicating that the market is seeking stability.
RSHIB has been trading within a narrowing range, implying that a breakout is near. Resistance levels can be observed near the recent highs of $0.000029. Meanwhile, support levels remain near $0.000023. The 50 EMA is a critical signal to watch as SHIB consolidates.
However, looking into Shiba Inu's on-chain data provides more information. The results reveal a significant number of addresses "in the money," meaning holders who purchased at a cheaper price still profited. However, a sizable portion remains "out of the money," implying that many holders may still be waiting for better prices.
Regarding the asset's future, huge transaction volume has decreased noticeably, indicating a drop in whale activity following recent sales. If the sell-off does not cause widespread panic, the market may absorb the shock without seeing a significant price shift. Investors and traders will closely monitor SHIB to see if it can sustain its current support levels or succumb to additional selling pressure.
Grayscale's GBTC Outflows May Cease as New Low-Fee Mini Trust Challenges Market Leaders
According to Bitcoin analyst Alessandro Ottaviani, outflows from Grayscale's embattled GBTC might be close to an end. This is because Grayscale's Bitcoin Mini Trust is expected to have fees as low as 0.15%.
However, Bloomberg's senior ETF analyst Eric Balchunas has cautioned that such expenses are "hypothetical." This indicates that the fund will not always be able to offer such cheap fees. Having said that, Balchunas nevertheless views this as a positive development, considering that Grayscale had to choose such a percentage.
Grayscale first announced plans to launch a smaller fund back in March. The key selling point of the spinoff fund, which will be established under the BTC ticker, will enable existing GBTC holders to purchase ETF shares without triggering a taxable event.
Meanwhile, BlackRock's IBIT is expected to overtake Grayscale's GBTC in terms of total assets under management by the end of the month. The former already has more than $17 billion in assets under management (AUM), making it one of the market's largest ETFs, ahead of heavyweights such as the iShares MSCI Emerging Markets ETF (EEM) and the iShares MSCI Japan ETF.
The terrible outflows of Grayscale's GBTC have been a major market headwind. Grayscale CEO Michale Sonnenshein had previously stated that Bitcoin fees may be reduced. GBTC has the highest charge among Bitcoin ETF issuers (1.5%). As a result, it cannot compete with industry behemoths like BlackRock and Fidelity. Bitwise, in comparison, provides a record-low fee of just 0.2%.
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